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McDermott signs agreement for up to $1.7 billion of new financing

McDermott signs agreement for up to $1.7 billion of new financing

McDermott International announced that it has entered into an agreement with certain of its secured lenders. The scope will be performed by McDermott’s fabrication facility in Batam, Indonesia. McDermott’s Lummus Technology is the master licensor of multiple licensed units. The company will have access to up to $1.7 billion of additional financing, including letter of...

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McDermott financing lifeline faces possible bondholder hurdle

McDermott financing lifeline faces possible bondholder hurdle

McDermott’s bondholders could make it difficult for the embattled energy-industry contractor. McDermott’s Lummus Technology is the master licensor of multiple licensed units. New facility underscores strong lender support for McDermott. The company said last week that it received an initial $550 million term loan. It awarded for FEED design competition by POSCO INTERNATIONAL Corporation. $100...

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Targeting a $2 trillion valuation, Aramco readies IPO plan for October

Targeting a $2 trillion valuation, Aramco readies IPO plan for October

Saudi Aramco will kick off its much-anticipated initial public offering next month. Aramco’s Exploration admin area introduces an additional innovative approach. More than 600 upcoming Saudi Arabia construction projects worth $130 billion (SR500 billion) were presented. The oil giant recovers faster than expected from the biggest terror attacks in its history. A new collaboration between...

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BHGE, C3.ai launch AI-based production downtime warning tool

BHGE, C3.ai launch AI-based production downtime warning tool

BHGE and C3.ai announced the launch of BHC3 reliability. Baker Hughes, a GE company announced the pricing of a secondary offering of 115 million shares of BHGE Class A common stock. AI application provides early warning of production downtime and process risk to improve operational productivity. The first artificial intelligence software application developed by the...

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Aramco lining up banks as IPO is coming “very soon”, per the CEO

Aramco lining up banks as IPO is coming “very soon”, per the CEO

State oil giant Saudi Aramco said it’s lining up banks for its long-awaited initial public offering as the sale is now imminent. The launch of NIC will play an important role in advancing nonmetallic solutions across industries. Banks will be chosen “soon,” Chief Executive Officer Amin Nasser said at an industry conference in Abu Dhabi....

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Sembcorp Marine wins FPSO FEED Contract from Siccar Point

Sembcorp Marine wins FPSO FEED Contract from Siccar Point

Siccar Point Energy has awarded an exclusive FEED contract to Sembcorp Marine for the design of a Sevan cylindrical FPSO. Strong performance at national WSH event highlights the Group’s commitment to workplace safety. SSCV Sleipnir is a new-generation semi-submersible crane vessel with a pair of revolving cranes. 2019 Green Wave Competition is now open for...

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Saudi Aramco offers no surprises in first earnings results call

Saudi Aramco offers no surprises in first earnings results call

Saudi Aramco’s senior executives can breathe a collective sigh of relief. Saudi Aramco announced for the first time its half-year financial results. 50 percent of contracts are being awarded to Saudi Arabian companies. Saudi Aramco signaled its commitment to cutting edge technology. Saudi Aramco and Baker Hughes signed a memorandum of understanding. Saudi Aramco is...

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Aramco remains world’s most profitable company even as oil falls

Aramco remains world’s most profitable company even as oil falls

Saudi Aramco showed Monday it’s still the world’s most profitable company. Saudi Aramco announced for the first time its half-year financial results. Profit slid 12% to $46.9 billion in the first six months of 2019. 50 percent of contracts are being awarded to Saudi Arabian companies. Saudi Aramco signaled its commitment to cutting edge technology...

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McDermott and BHGE awarded contracts for Ichthys Gas Field Development

McDermott and BHGE awarded contracts for Ichthys Gas Field Development

McDermott International and Baker Hughes, a GE company announced contracts to provide a joint URF. The plant utilizes Chevron Lummus Global ISODEWAXING and ISOFINISHING technologies. 34% sequential-quarter increase in backlog to $21 billion, including a record level of $8.9 billion. The award includes technology license, basic engineering, proprietary equipment, training and technical services. It’s located...

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McDermott wins record EPCI mega-project for Marjan Package 1

McDermott wins record EPCI mega-project for Marjan Package 1

McDermott International has announced that it has been awarded a contract in excess of $3 billion. Irkutsk Oil Co. (IOC) has awarded McDermott International, Inc. Woodside Energy Ltd has awarded McDermott International Inc. a contract to perform front-end engineering. Puma Energy (Australia) Fuels Pty Ltd has awarded McDermott International. Western Gas awarded McDermott and BHGE...

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