Oil bankruptcies rise in the third quarter
The number of bankruptcies in the energy sector rose during the third quarter as the coronavirus pandemic continued to take its toll on the oil and gas industry.
bankruptcy
Shipyards face ‘brutal’ £11.6billion losses over unwanted offshore rigs – Bassoe
Shipyards are facing “brutal” $15.2billion (£11.6bn) losses over new-build offshore drilling rigs that no one wants, according to Bassoe Offshore.
Offshore rigs need scrapped to end industry’s ‘bankruptcy nightmare’ – Bassoe
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.
Driller Noble files for bankruptcy to erase huge debt pile
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.
McDermott International exits Chapter 11 bankruptcy
Oil field service company McDermott International shed $4.6 billion debt after emerging from bankruptcy Monday afternoon.
Diamond Offshore files for Chapter 11 bankruptcy amid historic oil price crash
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 bosses got $14.6 million bonuses before bankruptcy
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 UK and Norwegian oilfield services firms may go bankrupt over virus – Rystad
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.
Bristow looks forward to ‘new chapter’ after emerging from bankruptcy
The boss at Bristow Group said the helicopter operator was starting a "new chapter" after emerging from bankruptcy.
Bristow files reorganisation plan following Chapter 11 bankruptcy
Bristow Group has filed a reorganisation plan after entering the US-style Chapter 11 bankruptcy process in May.
Weatherford files for bankruptcy protection
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.
Hope for Weatherford in face of Chapter 11 bankruptcy
Oilfield services giant Weatherford International has announced further backing from lenders for financial restructuring plans aimed at significantly reducing its colossal debt pile.
Energy bankruptcies fell below 50 filings in 2018
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.
120,000 Scots to be made bankrupt this year
Nearly 12,000 Scots will be made bankrupt this year, according to accountants and business advisers French Duncan.
Seadrill files for bankruptcy to shrink offshore driller’s debt
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 looks at options after US judge rejects finance plans
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 starts approval process for bankruptcy plan
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.
Hercules files for bankruptcy for second time in less than a year
Drilling contractor Hercules Offshore has filed for bankruptcy, just six months after emerging from its first bankruptcy.
Hercules Offshore files for bankruptcy for second time in less than a year
Hercules Offshore is to file for bankruptcy for a second time, just six months after the rig contractor emerged from bankruptcy protection.
SandRidge files for Chapter 11 bankruptcy
SandRidge Energy is the latest firm to seek financial refuge by filing for Chapter 11 bankruptcy.
Oil at $45 a barrel proving no savior as bankruptcies pile up
Three bankruptcies this week shows that $45 a barrel oil isn’t enough to rescue energy companies on the verge of collapse.
SunEdison seeks financing as bankruptcy looms
Solar energy company SunEdison said it hopes to secure financing by pledging assets ahead of expected bankruptcy proceedings.
Goodrich Petroleum files for Chapter 11 for restructuring
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 hires restructuring lawyers
Chesapeake Energy has hired restructuring lawyers and bankruptcy specialists at Kirkland and Ellis as its shares dropped by more than half.
Magnum Hunter files for bankruptcy
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.