PDVSA seeks to Securitize Oil Services Debts
Venezuelan state oil company PDVSA is in talks with oil services companies to turn unpaid bills into financial instruments, a process known as securitization, its president, Eulogio del Pino, said in a statement on Saturday. Several oil services companies suspended or slowed operations this year due to difficulties in obtaining payment from PDVSA, which is struggling because of low oil prices and a decaying socialist economy. Del Pino last month said PDVSA signed financing agreements with Weatherford International Plc and Halliburton Co and was close to a deal that would allow Schlumberger to boost its presence in the OPEC nation. "We trade commercial debt for financial debt…
Aker Maritime Sees Rise In Profits
Norwegian offshore services group Aker Maritime forecast a considerable rise in profits in 2000 after weak oil markets depressed earnings in 1999. Due to low order intake in 1999, the company's level of activity is likely to continue to decline in the first half of 2000, but earnings are expected to improve significantly in later in the year, a company spokesperson said. The company reported that profits after financial items, the equivalent of pre-tax earnings, fell to 7.8 million from $85.5 million. The company had a net loss of $2.1 million against a 1998 profit of $50.5 million. The spokesperson said that the increase in oil prices throughout 1999 will lead oil companies to increase their activities in exploration and deep water.
Aker Maritime Sees Rise In Profits
Norwegian offshore services group Aker Maritime forecast a considerable rise in profits in 2000 after weak oil markets depressed earnings in 1999. "The low level of activity in the world's offshore markets has, as expected, affected Aker Martime in 1999 but the company's most important markets are picking up at the start of 2000," officials said. "Even though Aker Maritime's level of activity is likely to continue to decline in the first half of 2000 due to the low order intake in 1999, earnings are expected to improve significantly in 2000." The company reported that profits after financial items, the equivalent of pre-tax earnings, fell to $7.8 million from $85.5 million. The company had a net loss of $2.1 million against a 1998 profit of $50.5 million.
