Latest News
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Borr Drilling Announces Revenue Lift
Borr Drilling has announced unaudited results for the nine months ended September 30, reporting total operating revenues of $277.1 million, an increase of $9.4 million or 4% compared to the second quarter of 2025.Net income of $27.8 million was a decrease of $7.3 million or 21% compared to the second quarter of 2025, and adjusted EBITDA of $135.6 million was an increase of $2.4 million or 2% compared to the second quarter of 2025.YTD, the company was awarded 22 new contracts representing more than 4,820 days and $625 million of potential contract revenue.CEO Bruno Morand commented: "Our third quarter results were strong, extending the rebound delivered in the second-quarter. With 23 of our 24 rigs active during the quarter, we demonstrated disciplined execution and commercial strength in contracting rigs despite a dynamic market.”Operational execution remained robust with technical utilization of 97.9% and economic utilization of 97.4% across the active fleet.“Following quarter end, we announced three contract extensions in Mexico,” said Morand. “The Galar and Gersemi each received a two-year firm extension at improved commercial and payment terms. A third rig, the Njord, also received an extension. Mexico remains an important market for us. Collections restarted in September, with approximately $19 million received in September and October. These inflows, together with recent government actions to strengthen Pemex finances, are the basis for our confidence in the continued normalization of payments.“Today we also announced new commitments for our rigs Odin and Grid, expanding Borr Drilling’s footprint into the Gulf of America and Angola. These awards reflect our focused commercial strategy, deep customer relationships, and disciplined fleet management. They further diversify our customer and market portfolio, underscore our ability to navigate evolving conditions, and minimize idle time across the fleet. Following these awards, our 2026 coverage stands at 62% with an average dayrate of $140,000, including priced options.“We expect fourth quarter 2025 results to reflect fewer operating days, due to several rigs transitioning between contracts and the recent impact of sanctions-induced contract terminations in Mexico. Despite this, we anticipate full year 2025 Adjusted EBITDA in the range of $455 million to $470 million.”In recent quarters, the company has experienced incremental jack-up demand across several international markets, absorbing available capacity and providing gradual relief to the headwinds from 2024. “While near-term volatility may persist, clear signs of demand inflection in Saudi Arabia and Mexico - two of the world’s largest jack-up markets - together with incremental activity in other areas, provide us with confidence that the market is now past the trough. We foresee a tightening market in the near to medium term that we expect should support higher utilization and dayrates.”
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Aker Solutions Secures Contract from ExxonMobil Canada
Aker Solutions has signed a five-year enabling contract with ExxonMobil Canada Properties, a partnership, as operator of the Hebron platform. The contract is an extension for brownfield maintenance and modification (M&M) services on the Hebron platform.The brownfield M&M contract is a significant (between NOK 1.5 billion and NOK 2.5 billion) five-year extension to the original engineering, procurement, and construction (EPC) enabling agreement awarded in 2015.Aker Solutions has delivered platform-wide upgrades and modifications to the Hebron platform since 2015 and has provided multi-disciplinary services to the East Coast Atlantic region for more than 30 years.The work will be led from Aker Solutions’ location in St. John’s, Newfoundland and Labrador, where the company has increased its staff from 100 to 350 employees in recent years.
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Prince William of Britain calls for optimism about the environment at EarthShot Prize
Prince William of Britain expressed optimism about the global environmental challenges on Wednesday at an event with a star studded crowd in Rio de Janeiro to celebrate the fifth edition EarthShot Prize. William's visit to Latin America is just a few days before Brazil hosts the UN Climate Summit COP30 in next week. William, who founded the award in 2020 after being inspired by his visit to Namibia, said: "I can understand why some people might be discouraged during these uncertain times." I understand that so much work remains to be done. This is not the time to be complacent. The optimism I felt back in 2020 still remains. The award, named in honor of John F. Kennedy’s “moonshot” goal, was designed to encourage significant environmental progress over a decade which has now reached the midpoint. Five winners will receive 1 million pounds ($1.3million) each for their projects. The ceremony featured performances by pop stars Shawn Mendes and Kylie Minogue, Brazilian musicians Gilberto, Seu Jorge, and Anitta as well as former Formula One World Champion Sebastian Vettel. The British Prime Minister Keir starmer and London Mayor Sadiq Kan also attended. William will represent his father King Charles at the UN Climate Summit. During his visit, he visited Rio landmarks and announced initiatives for Indigenous Communities and environmental activists. Reporting by Andre Romani, Sao Paulo; Michael Holden, London; editing by Clarence Fernandez
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Iron ore prices steady after four-day drop amid concerns about oversupply
Dalian iron ore prices held steady after a four-day decline, but lingering fears about an oversupply weighed on the market sentiment. As of 0318 GMT, the most-traded contract for January iron ore on China's Dalian Commodity Exchange was trading 0.39% higher. It was 775.5 Yuan ($108.87). The benchmark December Iron Ore at the Singapore Exchange fell 0.16% to $103.35 per ton. Atilla WIDNEL, Navigate Commodities' managing director in Singapore, says that the rally and optimism following the Fourth Plenum are now diminishing. The markets have few concrete details about "anti-involutionary" measures or long term steel capacity reforms. The anti-involution campaign is a Chinese initiative to curb overcapacity, and unsustainable low prices in many industries. Mills have not been motivated to permanently close down their plants. This has led to concerns about the possibility of an oversupply for now. Atilla said that the relatively high output of steel during a period of low demand has a negative impact on steel prices, margins and input costs, such as iron ore. Analysts at ANZ believe that the environmental production-cutting warning for Hebei Province is likely to have an impact on blast furnace operations. Galaxy Futures, a Chinese broker, says that global iron ore supplies remained high in the third quarter and are expected to remain at similar levels for the fourth. SteelHome data shows that the total iron ore stocks across Chinese ports increased by 1.53% in a week to 135.6 million tonnes as of October 31. Coking coal and coke both gained 2.1% and 1.78 % respectively. The benchmarks for steel on the Shanghai Futures Exchange are mixed. Hot-rolled coil and rebar both rose by 0.3%. Wire rod and stainless steel fell by 0.16%. ($1 = 7.1230 Chinese yuan). (Reporting and editing by Mrigank Dahniwala.)
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Shanghai copper prices rise after a four-day drop as the selling pressure eases
Shanghai copper prices rose on Thursday, after they had hit a low of more than a week in the previous session. However, weak Chinese demand limited gains. As of 0802 GMT, the most active copper contract traded on the Shanghai Futures Exchange rose 0.97%, trading at 86260 yuan (12,110.07 USD) per metric tonne. The benchmark three-month futures on the London Metal Exchange were also up 0.57%, to $10 758.50 per ton. Analysts at Sucden Financial wrote in a report that copper's consolidation was more likely to be the result of "unwinding overextended positions than a change in fundamental narrative". Analysts see a possible deficit in 2026. This is still a major factor in the price of red metal. After a four-day drop, the selling pressure on the Shanghai contract has eased. The metal had reached a new historic high of 89.270 yuan per ton. The London benchmark also gained after a four day loss, after it reached a record high last week of $11,200 on tight global supplies. The traders are now awaiting further economic data, especially from China. There was disappointment in the manufacturing PMI for October. The trade readings will be released on Friday, and the lending data will be released next week. Other base metals in the SHFE rose by 0.73%. Tin gained 0.57%. Lead lost 0.57%. Nickel shed 0.34%. Zinc was not changed. Thursday, November 6 DATA/EVENTS (GMT) 0700 Germany Industrial Output MM Sep 0700 Germany Industrial Production YY SA Sep 0930 UK S&P GLOBAL PMI: MSC COMPOSITE - OUTPUT Oct 1200 UK BOE Bank Rate Nov ($1 = 7.1230 Chinese yuan renminbi) (Reporting by Dylan Duan and Lewis Jackson; Editing by Harikrishnan Nair). Thursday, November 6, DATA/EVENTS 0700 Germany Output MM Sept 0700 Germany Production YY SA September 0930 UK S&P Global PMI: MSC Composite - OUTPUT 1030 UK BOE Bank rate Nov (1200 UK BOE Rate Nov) ($1 = 7.1230 Chinese Yuan Renminbi). (Reporting and editing by Dylan Duan; Harikrishnan Nair.
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Oil prices fall as low demand and oil glut weigh on the market
The oil prices were mostly flat on Thursday morning, after having settled at two-week lows the previous session. This was due to the pressure of a weaker global demand and an oversupply of crude oil. Brent crude futures rose 2 cents or 0.03% to $63.54 a bar at 0127 GMT. U.S. West Texas intermediate futures were unchanged at $59.60. J.P. Morgan said that the global oil demand had increased by 850,000 barrels a day through November 4. This is below the 900,000 barrels a day growth projected earlier. The note stated that "high-frequency indicators indicate that U.S. petroleum consumption remains subdued," pointing out weak travel activity as well as lower container shipments. Oil prices dropped in the previous session after the U.S. Energy Information Administration reported that U.S. crude stockpiles rose by 5.2m barrels, to 421.2m barrels, last week. This was compared to expectations of a 603,000 barrel rise. Capital Economics wrote in a report that they believe the downward pressure on oil will continue, confirming their forecast below consensus of $60 per barrel by the end of 25 and $50 per barrel by the end 26. The global oil price fell for a third consecutive month in October, as OPEC and its allies continued to increase production while non-OPEC producers also increased their output. (Reporting from Tokyo by Katya Glubkova; editing by Tom Hogue).
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Axia Energia, Brazil's largest energy company, reports a Q3 loss on the sale of Eletronuclear and announces dividends
Axia Energia, a Brazilian power company, announced a loss for the third quarter of the year after accounting non-cash expenses incurred from the sale of its Eletronuclear shares. It also announced the payment dividends to its shareholders. Why it's important The results show Axia's ongoing reorganization as it leaves the nuclear sector and streamlines its operations while maintaining shareholder returns, despite the accounting losses. The company's dividend decision was based on a strong performance and stable power prices. KEY NUMBERS Axia's Board approved 4.3 billion Reais ($795.72 Million) in dividends, despite Axia reporting a loss of 5.45 Billion Reais for the period July-September. The net profit was 2.2 billion reais adjusted, which is a decline of 68% from the previous year. The company recorded a non-cash charge of 7.0 billion reais from the sale of Eletronuclear to the J&F Group. The adjusted earnings before interest taxes, depreciation, and amortization (EBITDA), which is the company's measure of profit, fell by 50.8% compared to a year ago, reaching 5.9 billion reais. CONTEXT Axia, formerly Eletrobras sold its stake in Eletronuclear last month to Ambar Energia. The company is controlled by JBS, which is the largest meatpacker in the world. It was for 535 millions reais. ($1 = 5,4039 reais). (Reporting and writing by Leticia Fucichima, Editing by Brendan O'Boyle).
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Brazil announces plan to increase climate finance up to $1.3 trillion per year
After a full year of discussions, COP30 hosts Brazil laid out a plan on Wednesday to increase climate finance from $1.3 trillion a years to $1.3 trillion a day. They also faced early signs that the political landscape was becoming more challenging as the Amazonian City of Belem prepared to host world leaders. The document, which is almost 100 pages long, has been dubbed Baku to Belem Roadmap. It was created after months of discussions with various stakeholders following the conclusion of the event held in Azerbaijan last year. As emissions continue to increase, some of the world's poorest nations are at greater risk from extreme weather events. The European Union has agreed to a last-minute deal that will reduce emissions by 90 percent by 2040, but only if it is weakened by the inclusion of flexibility. Jeroen Gérard, director of Climate Group's European office said that the EU made a dangerous choice today. It's a dismayed signal of leadership going into the COP30 conference next week. The site for the talks is still under construction. However, the area reserved for the speeches of the leaders was nearly ready. Construction crews were making final repairs and placing plants and furniture. The British government has also put Brazil to the test by refusing to commit any money to the Tropical Forests Facility, a plan that would protect the world's forests. This is seen as the host country's flagship goal, which aims to raise over $125 billion. Sources said that the decision was disappointing to Brazilian President Luiz inacio Lula da So, especially since Britain helped to create it, and Lula personally wrote to Keir starmer, Prime Minister, last Friday, to ask for an investment. According to anonymous sources, Lula also met separately with Ursula von der Leyen (President of the European Commission), Alexander Stubb (President of Finland), and Ding Xuexiang (Vice Premier of the State Council of China) to solicit contributions. A Global Blueprint for Cooperation The authors of the Roadmap, who are slashing global development aid, called it "a blueprint for cooperation and concrete results". Mukhtar Babaev, President of COP29 who oversaw the Roadmap at a recent press conference, warned that it is important to recognize the magnitude of the problem. "We try to interfere in the normal functioning world economy. We are attempting direct forces of global finance. This is a huge task. "Success requires great political will." We will all need to be relentless in our efforts. "Countries cannot reduce emissions or adapt to the rising temperatures without capital", he said. The report suggests that multilateral banks could help reduce the debt burden for developing countries by taking on more risk and giving more grants. The resources are there, the science is solid, and the moral imperative cannot be denied. The report stated that the only thing left is to resolve to act. "We must turn the unimaginable to the inevitable and make this decade's accelerated implementation one where humanity's response matches its responsibility." Rob Moore, Associate Director, Public Banks & Development, at the think tank E3G said that the document "lays the gauntlet down" and clearly outlined what was required. For it to be effective, we need to see wealthy countries and international institutions of finance respond and take responsibility for the delivery. We must leave COP30 having a plan to turn these words into action. (Reporting and editing by Aurora Ellis; Lisandra Paraguassu, Simon Jessop)
Texas operators turn to flaring in the middle of weak gas costs
Operators drilling for oil in Texas are scrambling to get rid of their excess natural gas amidst a supply excess and weak prices, triggering an uptick in flaring demands.
The Railway Commission of Texas (RRC), which controls the state's oil and natural gas market, last week authorized 21 exemption demands from operators, mainly in the Permian and Eagle Ford shale fields, to flare, more than 4 times the level it authorized this time last year.
Flaring, or the burning of unwanted gas, has come under higher regulative analysis over the last few years amid pushes by environmental groups and others to clamp down on the practice that releases greenhouse gases to help slow climate modification.
Manufacturers, however, now deal with a dilemma with petroleum prices trading above $80 a barrel, however gas remaining depressed and in some places falling into negative territory.
We think that operators will generally utilize all the tools in their tool box to attempt and keep producing oil due to the fact that the oil returns are pretty strong right now, stated Jason Feit, advisor to energy information service provider Enverus.
Flaring is becoming more challenging all over, so I think that is something they are probably not wishing to do, however it would be more suitable to shutting in any wells for sure, he included.
Operators can seek an exemption from Texas' flaring guideline for security reasons, maintenance or emergency situations, and throughout the first ten days of production when causing a brand-new well, the RRC stated.
Devon Energy requested 12 of those exemptions for its operations in the Eagle Ford in south Texas, while Callon, which was acquired by Apache in early April, made six ask for assets in the Permian. All of those were approved.
Devon declined to comment, and Apache did not respond to a. ask for comment.
Gas prices in lots of states, including Texas, have traded. below absolutely no several times over the past month approximately due to low. demand, sufficient eco-friendly power materials and pipeline outages and. other work that has trapped gas in the nation's leading oil. producing state.
Spot natural gas at the Houston Ship Channel. << NG-PHSC-TX-SNL > in Texas, the rate the market uses for the. Eagle Ford, have actually averaged $1.68 per million British thermal. systems (mmBtu) so far this year, according to SNL Energy data on. the LSEG terminal.
That compares to an average $2.26 per mmBtu in 2023 and. $ 4.07 per mmBtu over the 5 year period from 2018 to 2022.
On the other hand, costs at the Waha center << NG-WAH-WTX-SNL > in west. Texas> closed as low as unfavorable $2.99 per mmBtu in mid-April,. its most affordable given that December 2022, according to information from LSEG,. meaning operators should pay to have their gas eliminated.
While Waha costs have recovered some, they stay. depressed.
The supply of associated gas is not likely to diminish. soon, as more producers continue to go after profitable barrels of. oil in the Permian.
Permian gas output is forecast to increase by 140 million cubic. feet daily
(source: Reuters)