Scrapping of offshore oil rigs needs to be significantly ramped up in order to end the “bankruptcy nightmare” of their owners, according to Bassoe Offshore.
Noble Corp., the offshore drilling contractor, filed for bankruptcy with a plan to cut more than $3.4 billion of debt after a crash in crude prices made undersea oil wells too expensive.
Oil field service company McDermott International shed $4.6 billion debt after emerging from bankruptcy Monday afternoon.
Diamond Offshore Drilling Inc., the rig contractor controlled by Loews Corp., filed for bankruptcy amid an unprecedented crash in crude prices that’s wrecking demand for oil exploration at sea.
Whiting Petroleum Corp.’s board approved $14.6 million in cash bonuses for top executives days before the shale oil producer filed for bankruptcy.
More than 200 oilfield services firms (OFS) across the UK and Norway are “set to become insolvent” due to the coronavirus outbreak, according to Rystad Energy.
The boss at Bristow Group said the helicopter operator was starting a "new chapter" after emerging from bankruptcy.
Bristow Group has filed a reorganisation plan after entering the US-style Chapter 11 bankruptcy process in May.
The oilfield services company Weatherford International filed for Chapter 11 bankruptcy protection Monday, after struggling to assimilate the companies it bought during a quest for growth, taking on too much debt and fighting to recover from falling oil prices in 2014 that hammered the energy industry.
Oilfield services giant Weatherford International has announced further backing from lenders for financial restructuring plans aimed at significantly reducing its colossal debt pile.
North American oil and gas bankruptcies fell to just 43 filings in 2018, down from 70 a year prior, according to the law firm Haynes and Boone.
Nearly 12,000 Scots will be made bankrupt this year, according to accountants and business advisers French Duncan.
Seadrill Ltd., the offshore driller controlled by billionaire John Fredriksen, filed for bankruptcy protection after working out a deal with almost all its senior lenders to inject $1 billion of new money into the company.
Paragon Offshore is said to be evaluating its options after a US judge rejected the offshore rig contractor's plan to exit bankruptcy.
Paragon Offshore Plc’s reorganization proposal is so unrealistic that the oil-rig company will run out of cash in less than three years, dissident lenders said at the opening of a bankruptcy court hearing.
Drilling contractor Hercules Offshore has filed for bankruptcy, just six months after emerging from its first bankruptcy.
Hercules Offshore is to file for bankruptcy for a second time, just six months after the rig contractor emerged from bankruptcy protection.
SandRidge Energy is the latest firm to seek financial refuge by filing for Chapter 11 bankruptcy.
Three bankruptcies this week shows that $45 a barrel oil isn’t enough to rescue energy companies on the verge of collapse.
Solar energy company SunEdison said it hopes to secure financing by pledging assets ahead of expected bankruptcy proceedings.
Goodrich Petroleum Corp. filed for Chapter 11 in a U.S. bankruptcy court to implement a financial reorganization after struggling to restructure its debt amid declining energy prices.
Chesapeake Energy has hired restructuring lawyers and bankruptcy specialists at Kirkland and Ellis as its shares dropped by more than half.
A US oil and gas producer has filed for Chapter 11 bankruptcy protection as the low oil price continues. Magnum Hunter said it expects to emerge from bankruptcy in April next year.
Energy & Exploration Partners Inc. filed for Chapter 11 protection, following several other oil and gas drillers into bankruptcy. In its petition filed Monday, the company listed debt of $1 billion to $10 billion and assets of $500 million to $1 billion.
Hercules Offshore said it plans to file for creditor protection in the coming weeks in a bid to end the year with a restructured balance sheet. The company has been struggling for a number of months because of an oversupplied rig markets and slumping oil prices that have forced producers to reduce spending.