Court approval clears path for Valaris’ emergence from chapter 11
Rig contractor Valaris has received approval from a US bankruptcy court for its Chapter 11 plan of reorganisation.
chapter 11
Interview: NHV CEO hopes oil price bump can get helicopter market to ‘more sustainable situation’
The CEO of NHV hopes the restoration of oil prices can help the beleaguered helicopter market “to a more sustainable situation”.
Maersk Drilling appoints former Halliburton exec as new CFO
Maersk Drilling has appointed a former executive at oilfield services giant Halliburton as its new chief financial officer (CFO).
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.
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.
Offshore drilling firms should re-think ‘primitive’ day rate model, says BCG
Offshore drilling firms should re-think the “primitive” day-rate business model in order to survive the current industry crisis, according to new analysis from Boston Consulting Group (BCG).
UK operators will ‘struggle’ to find rigs for North Sea work in 2021 – Bassoe
UK operators will "struggle” to find semi-submersible rigs for work in the North Sea next year, according to new analysis.
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.
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.
Weatherford emerges from bankruptcy with $10 billion of support
Switzerland and Houston-based oilfield service company Weatherford International has emerged from Chapter 11 bankruptcy with roughly $10 billion of financial support.
Expro finds new CFO in boss who helped Tidewater out of Chapter 11 bankruptcy
Oilfield services firm Expro has found a new chief financial officer in an executive who was “critical” in helping US firm Tidewater emerge from Chapter 11 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.
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.
Bristow considers US-style bankruptcy to end debt woes
The parent company of a North Sea helicopter firm, which also carries out search and rescue operations in the UK, is considering taking US-style bankruptcy to end its debt woes.
Seadrill clears first Chapter 11 hurdle
Seadrill has cleared the first Chapter 11 hurdle.
CGG files for bankruptcy
French geophysical services company CGG has started bankruptcy proceedings in France and the US.
Seadrill secures more time for restructure, discusses Chapter 11
Seadrill has secured three more months to hammer out is restructuring bid.
CHC takes ‘final legal step’ in bankruptcy exit
Helicopter operator CHC Group said yesterday that it had taken the “final legal step” on its way out of bankruptcy.
US judge ready to give green-light on Linn Energy finance plans
A US judge overseeing the bankruptcy of Linn Energy said he is prepared to confirm its restructuring plan but with slight tweaks.
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.