Aker Solutions Wins Major Services Contract in Brazil

(Aker Solutions, 18.Sep.2018) — The Campos Basin extends approximately 100,000 square kilometers. The three-year contract is valued at more than BRL 250 million and includes an option for a two-year extension.

Aker Solutions will be renovating, repairing and upgrading offshore production units for Petrobras’ Campos Basin Operational Unit (UO-BC). The contract will also allow Aker Solutions to demonstrate its value as a full-service provider, and manage the yard where replacement parts and other equipment will be fabricated.

“We are pleased to expand our business in Brazil, a key international market,” said Luis Araujo, chief executive officer of Aker Solutions. “This is the second big contract we have signed after entering the maintenance and modification market in Brazil, reinforcing the importance of having a complete portfolio and being able to provide an integrated solution from concept to decommissioning.”

The company will execute the work from its C.S.E. Mecânica e Instrumentação Ltda (C.S.E.) services base in Macaé, Rio de Janeiro. Aker Solutions acquired a majority stake in C.S.E. in December 2016. Earlier this year Petrobras named C.S.E. the best supplier for onshore and offshore maintenance and HSSE, highlighting its focus on customers and excellence. The company competed against 5,000 suppliers and won 4 of 21 awards.

The work starts in October 2018, with final deliveries scheduled for 2021.

The contract will be booked in the third quarter 2018.

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YPF Announce Settlement Of Previously Announced Tender Offer

 

(YPF, 18.Sep.2018) — YPF S.A. announced settlement of the previously announced tender offer to purchase for cash any and all of its outstanding 8.875% Senior Notes due 2018.

The Tender Offer expired at 5:00 p.m., New York City time, on September 17, 2018. At the Expiration Date, valid tenders had been received with respect to U.S.$176,245,000 of the U.S.$452,198,000 aggregate principal amount of the outstanding Securities.

YPF has accepted for payment all Securities validly tendered prior to the Expiration Date. On September 18, 2018, such tendering holders will receive the purchase price in the amount of U.S.$1,005 for each U.S.$1,000 principal amount of Securities tendered, plus accrued and unpaid interest to, but not including, the date hereof.

Itau BBA USA Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as the dealer managers for the Tender Offer. The information agent and depositary is D.F. King & Co., Inc. Copies of the Offer to Purchase, Letter of Transmittal and Notice of Guaranteed Delivery, with respect to the Tender Offer, and related offering materials are available by contacting D.F. King at (800) 628-8509 (toll-free), (212) 269-5550 (banks and brokers) or www.dfking.com/ypf.

Questions regarding the Tender Offer should be directed to Itau BBA USA Securities Inc.

by telephone at +1 (888) 770-4828 (U.S. toll free) or + 1 (212) 710-6749 (collect) or Merrill Lynch, Pierce, Fenner & Smith Incorporated by telephone at +1 (888) 292-0070 (U.S. toll free) or +1 (646) 855-8988 (collect).

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#LatAmNRG

Nicolas Maduro Says Venezuela to Double Oil Production

Venezuela’s President Nicolas Maduro. Source: PDVSA

(Energy Analytics Institute, Piero Stewart, 18.Sep.2018) — Venezuela, the struggling OPEC producer, is now planning to double its production of crude oil, according to statements from the country’s president.

“With revolutionary spirit we will double the productive capacity of PDVSA,” announced Venezuela’s President Nicolas Maduro during a press conference in Caracas broadcast on national television.

Venezuela – reeling in political, economic and humanitarian crises and suffering from the world’s highest inflation – continues to struggle to stop further declines in its oil production amid a near complete collapse in oil sector investments.

According to data in OPEC’s Monthly Oil Market Report, published on September 12 and citing data based on secondary sources, the South American country’s oil production fell 2.9 percent to 1,235 thousand barrels per day (Mb/d) in August 2018 compared to 1,272 Mb/d in July 2018.

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Venezuela’s Maduro Says Relationship With China ‘Win-Win’

(Energy Analytics Institute, Piero Stewart, 18.Sep.2018) — In terms of bilateral cooperation, Venezuela and China are seeking a ‘win-win’ scenarios.

“Relations with China are very clear and have been framed around mutual respect and under the premise of win-win, which has allowed for the reactivation of financial funds, and revival of sustained development,” announced Venezuela’s President Nicolas Maduro during a press conference in Caracas broadcast on national television.

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