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Oil Related Services and Equipment

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Oil services firm Subsea 7 CFO says firm has solid history of returning cash to shareholders

Thursday, 10 Nov 2016 07:00am EST

Subsea 7 : Subsea 7 CFO told an earnings conference call on Thursday that the company has a solid history of returning cash to shareholders, in the past decision taken when full-year results known Further company coverage: [SUBC.OL] (Reporting by Gwladys Fouche) ((gwladys.fouche@thomsonreuters.com;)).

Tecnicas Reunidas 9-month net profit down 12 pct YoY

Thursday, 10 Nov 2016 02:31am EST

Tecnicas Reunidas SA : 9-month net profit 101.3 million euros ($110.7 million)versus 115.2 million euros year ago . 9-month EBITDA 154.1 million euros versus 159.2 million euros year ago . 9-month revenue 3.44 billion euros versus 3.01 billion euros year ago . Sales will increase to the range of 4.5 billion euros to 4.6 billion euros (from 2015 record level) in 2016 . Sees 2016 EBIT margin levels to be around 4 percent .Sees commitment to steady dividend distribution in 2016.

Prosafe signs letter of intent to buy 2 newbuilds, 25 pct in Dan Swift for $70 mln

Thursday, 10 Nov 2016 01:34am EST

Prosafe Se says: Prosafe in letter of intent with Axis Offshore Pte. Ltd. for potential acquisition of all outstanding shares in two single purpose companies Axis Nova Singapore Pte. Ltd. ("Axis Nova SPV") and Axis Vega Singapore Pte. Ltd., and 25 pct of the shares in Dan Swift Singapore Pte. Ltd. . Axis Nova SPV and Axis Vega SPV each control shipbuilding contracts with Cosco Qidong Shipyard for the construction and delivery on a fixed price basis of one advanced and modern semi-submersible accommodation rig to be used for harsh environments operations (the "Axis Nova" and the "Axis Vega") . Says agreed consideration for acquisition will be usd 70 million . Says will pay through issuance of 585.8 million ordinary shares priced at nok 0.30 per share, and a subordinated zero coupon convertible bond of nok 403.4 million . Says convertible bond of nok 403.4 million, is convertible into 1,344.7 million shares at a conversion price of nok 0.30 per share . Will following the transaction have three accommodation vessels completed or nearing completion in a preserved, strategic stacking mode with Cosco Quidong Shipyard in China . The intention is to start negotiations with the Yard and other parties to find a solution for the delivery, financing and operations of the units such that Prosafe can take delivery on attractive terms upon a market recovery.

Essential Energy qtrly loss per share $0.03

Wednesday, 9 Nov 2016 05:34pm EST

Essential Energy Services Ltd : Essential energy services ltd says essential's 2016 capital budget has increased from $11 million to $12 million . Qtrly loss per share $0.03 . Q3 earnings per share view c$-0.03, revenue view c$27.3 million -- Thomson Reuters I/B/E/S . Essential energy services-does not anticipate financial resource or liquidity issues to restrict future operating, investing or financing activities . Essential energy services announces third quarter results .Q3 revenue C$30.4 million.

Total Energy Services reports Q3loss per share of $0.06

Wednesday, 9 Nov 2016 05:00pm EST

Total Energy Services Inc : Total Energy Services Inc qtrly revenue $46.5 million versus $66.7 million last year . Qtrly loss per share $0.06 . Q3 revenue view C$49.1 million -- Thomson Reuters I/B/E/S . Q3 earnings per share view C$-0.06 -- Thomson Reuters I/B/E/S .Total energy services inc. Announces Q3 2016 results.

Weatherford announces appointment of Krishna Shivram as interim CEO

Wednesday, 9 Nov 2016 03:39pm EST

Weatherford International plc : Departure of Bernard J. Duroc-Danner, Chairman of Board, President and Chief Executive Officer effective immediately . Weatherford international plc says krishna shivram will lead company as interim chief executive office . Krishna Shivram will lead company as interim Chief Executive Officer . Robert Rayne, current Vice Chairman of Board, will serve as Chairman of Board . Weatherford International plc says Krishna Shivram will continue as Chief Financial Officer (CFO) until a new CFO is named in coming days .Weatherford announces Chairman and Chief Executive Officer departure and appointment of Chairman of the Board and Chief Executive Officer.

Havila Shipping announces a financial restructuring plan

Wednesday, 9 Nov 2016 02:00am EST

Havila Shipping ASA : Announces financial restructuring plan . Says restructuring plan will result in a substantial dilution of all existing shareholders . Says restructuring plan will provide co with financial runway until nov 2020, replacing 3.2 billion Norwegian crowns ($390 million) of debt maturities in period 2017-2019 with around 67 million crowns of minimum fixed amortization . Net interest bearing debt will be reduced by about 1.6 billion crowns via injection of new risk capital, sale of non-core vessels, discounted debt repurchase and conversion of debt to equity . 118.2 million crowns of new equity and 46.2 million crowns of convertible shareholder loan to be provided from current main shareholder havila holding . Estimated subscription price for new equity corresponds to nok 0.125 per share . Secured creditors to convert to new shares about 135 million crowns of accrued interest from and including Feb 16, 2016 up to and including Sept 30, 2016 at 0.24 crown per share .All non-core vessels to be marketed for sale going forward.

Sevan Marine Q3 EBITDA loss narrows to $0.8 million

Wednesday, 9 Nov 2016 01:59am EST

Sevan Marine ASA : Q3 operating revenue $5.1 million versus $16.9 million in Q2 and $21.8 million year ago . Q3 EBITDA loss $0.8 million versus loss $1.9 million year ago . No extraordinary dividend is planned for 2016 .Will take one-off restructuring charge in Q4 2016 in range of $1.0-1.5 million.

Norway's Aker Q3 net asset value rises to NOK 29.8 bln yr/yr

Monday, 7 Nov 2016 01:00am EST

Norwegian holding company Aker says: Q3 net asset value NOK 29.8 billion (NOK 24.7 billion in Q2 2016) . Q3 pretax result NOK 158 million (loss NOK 1.16 billion in Q3 2015) . Expects overall activity levels to remain subdued and pressure on prices to remain through 2016 and well into 2017 as E&P companies take a cautious approach to new investments . Aker's portfolio companies in the oil and gas sector will therefore continue to reduce their cost base in line with activity levels . Aker remains positive about the longer-term outlook for oil and gas and will therefore continue to seek counter-cyclical investment opportunities in the sector .Will seek opportunities to consolidate the OSV sector together with Solstad Offshore.

CSI Compressco LP files for offer and sell up to 12.96 mln common units by the selling unitholders

Friday, 4 Nov 2016 05:16pm EDT

CSI Compressco LP :CSI Compressco LP - Files for offer and sell up to 12.96 million common units by the selling unitholders - SEC filing.

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