Embattled French offshore services group Bourbon is reviewing a takeover offer from Société Phocéenne de Participation, a company owned by a group of French banks representing 75% of the Bourbon's debt. The offer relates to all of the Bourbon’s assets and activities and would convert €1.4 billion of debt into capital and €300 million of debt in the form of repayable bonds, … [Read more...]
Warren’s ‘Blue New Deal’ Envisions Phasing Out Offshore Drilling, More Offshore Wind
By Joseph Ax NEW YORK, Dec 10 (Reuters) - Democratic presidential candidate Elizabeth Warren on Tuesday proposed a "Blue New Deal" to revitalize and protect the world's oceans, including phasing out all offshore drilling and investing in renewable energy projects like wind turbines. "Our oceans can underpin a sustainable food system, be a source of renewable energy and … [Read more...]
Brazil Will Drill Massive Oil Find Despite Climate Concerns
By Jake Spring MADRID, Dec 9 (Reuters) - Brazil will push to expand oil drilling in its massive "pre-salt" oil and gas area off its coast in spite of growing global concerns about climate change, the country's energy minister told Reuters on Monday. Brazil's Mines and Energy Minister Bento Albuquerque spoke on the sidelines of a climate summit underway in Madrid where UN … [Read more...]
Shell Wins Court Ruling Banning Activists From North Sea Oil Platforms
By Olivia Konotey-Ahulu (Bloomberg) -- Royal Dutch Shell Plc won a court ruling preventing environmental protesters from boarding unmanned oil installations in the North Sea. Greenpeace activists in October boarded two of Shell’s offshore platforms in the Brent field to protest decommissioning plans they claimed will leave “hazardous oily sludge” in the sea. A judge in … [Read more...]
Record Deal Signed for Offshore Wind Power
By William Mathis (Bloomberg) --Orsted A/S signed a deal to sell 100 megawatts of power from a German wind farm in the North Sea to Covestro AG, in what the companies said is the biggest corporate purchase agreement for offshore wind. The deal will supply the German chemical company electricity for 10 years from the 900 megawatt wind farm known as Borkum Riffgrund 3, which … [Read more...]