Top Rigzone Articles Roundup
Here’s a roundup of Rigzone’s top five most popular articles during the last couple of weeks, in order, just in case you missed them…
Schlumberger Ltd. posted a $10.1 billion loss in 2019, despite relatively flat year-on-year revenues, according to the oilfield services giant’s year-end earnings. 2019 revenues totaled $32.9 billion although North American revenues fell 10 percent year-over-year to $10.8 billion.
McDermott confirmed that all of its businesses are expected to continue to operate as normal for the duration of its recently announced restructuring. The company said it expects to continue to pay employee wages and health and welfare benefits, and to pay all suppliers in full. McDermott added that all customer projects are expected to continue uninterrupted on a global basis.
Bloomberg highlighted that somebody big has got their analysis of the 2020 oil market flat wrong. The Organization of Petroleum Exporting Countries, The International Energy Agency and the U.S. Energy Information Administration all differ in their forecasts.
The revelation that McDermott will file for bankruptcy. The company said that it has the support of two-thirds of the holders of its funded debt in a pact that will eliminate more than $4.6 billion of debt by swapping it for equity. McDermott also agreed to sell its Lummus Technology unit for at least $2.725 billion.
McDermott was hot in the news over last two weeks. Here’s another article highlighting that “focus projects” (namely Freeport and Cameron LNG) significantly strained McDermott’s finances. The projects made it difficult to maintain a timely balance between cash received from customers and cash spent on projects, according to McDermott.
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