Vantage Drilling has declared force majeure for two of its rigs, one of which as a result of a coronavirus outbreak.
Vaalco Energy posted a net loss of $52.8 million for the first quarter of the year, driven by a non-cash charge of $59.1mn as a result of lower oil prices.
Total’s well offshore Lebanon has failed to find a reservoir in the Tamar formation, which was the exploration target.
Vantage Drilling has received a letter of award for a three year contract worth about $118 million from the Oil and Natural Gas Company.
Vantage Drilling reported a net loss $8.8 million for the final three months of 2015, compared with a $27.6million for the same period a year before.
Vantage Drilling has reached a deal with its creditors who hold $1.6billion of its debts that will see its subsidiary pushed into bankruptcy.