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TGS to return to Argentina

to complete Malvinas 3D
Multi-Client survey

TGS has announced a return to Argentina to
complete the previously announced 17,800
square km Malvinas 3D Multi-Client survey.
Acquisition is set to resume in Q4-2020 on the
highly- funded survey and will continue to grow
the 3D library in a prospective basin that saw tre-
mendous industry investment following the first
offshore round in 2019.
Kristian Johansen, CEO at TGS, commented:
“We are pleased to be given the opportunity to
complete the Malvinas Basin 3D survey and add
to our growing Argentina and South Atlantic
library. The first offshore Argentina bid round
showed great promise, and we look forward to
continuing to play a dynamic role in this region.” with its ship managers, OOS International, and higher volatility. From the second semester on,
This project is supported by industry fund- contractors to overhaul two of the thrusters on the company begins its pre-payment of rota-
ing. TGS operates as NOPEC Geophysical in OOS Tiradentes to ensure its upcoming opera- tive credit lines in order for the balance to come
Argentina. tional efficiencies. closer to pre-crisis levels. In the last 27th, for
TGS, August 05 2020 CMC Raffles, August 04 2020 instance, it made a pre-payment of $3.5bn, from
a total of $8bn committed credit lines.
CIMC Raffles says PERFORMANCE were shown to be effective in facing this crisis
“Our capacity for reaction and our strategy
OOS Tiradentes resumes Petrobras ends Q2-2020 and the consequent global recession. We will
keep on working and taking the necessary deci-
operation at Campos with positive EBITDA and sions in order for Petrobras to become an even
more resilient and profitable company,” com-
offshore oilfield mented Andrea Almeida, financial executive
and investor-relations manager, in a video pub-
OOS Tiradentes, the Semi-Submersible Accom- free cash flow lished for investors.
modation Vessel managed by CIMC Raffles Even in a challenging scenario such as the sec- Some initiatives granting more transparency
Asset Operation and Management Centre, ond quarter of 2020, Petrobras has managed to to the company’s goals in Environmental, Social,
received the notice to resume operation by Petro- present solid results due to swift decisions taken and Governance (ESG) factors were highlights
bras to return to the Campos offshore oilfield in shortly after the crisis’ beginning. The company in this trimester. Among them are Petrobras’
early August 2020 for its annual DP test and then has ended the quarter with a recurring EBITDA support to the Task Force for Climate-related
after to provide offshore accommodation service of $3.4bn and free cash flow of $3.0bn. The Financial Disclosures (TCFD), an initiative from
for Petrobras P-40 campaign at early September numbers show that even with a 42% reduction the G20 Financial Stability Board, and the Cli-
2020, making it the first accommodation vessel in the oil barrel price (Brent) and the period’s mate Dossier update.
in the region to resume operation. lower internal demand, the company proceeded Petrobras, July 30 2020
OOS Tiradentes, named after the Brazil- steadily in its operation, with sufficient balance
ian Hero for its national independence, has to ensure its liquidity.
been operating in Brazil for Petrobras for the The company’s liquid result also reflects the INVESTMENT
past two years since its initial approval survey. crisis effects, of the indemnities from the Vol-
OOS Tiradentes had received numerous pos- untary Offboarding Programme (Programas de United Oil & Gas acquires
itive feedbacks on its high standards of quality Desligamento Voluntário, or PDV) and Incen-
and optimum performances over the past two tivised Retirement Programme (Programa de Tullow’s interest in the
years. In 2020, Petrobras decided to suspend the Aposentadoria Incentivada, or PAI) and the
operation of the floating production storage and financial results, with recurring liquid loss of Walton Morant licence
offloading vessels and their supporting accom- $25bn.
modation platforms including OOS Tiradentes In this challenging scenario, Petrobras man- offshore Jamaica
in local waters under the effect of the COVID-19 aged to end the quarter with a gross debt of
pandemic. For assurance on continual custom- $91.2bn, an increase of only $2.0bn in relation AIM-listed United Oil & Gas has received
er’s satisfaction from Petrobras, CIMC Raffles to the previous quarter. This movement was approval from the Jamaican Government to take
Asset Operation and Management Centre has important in order to strengthen the reserves forward the Walton Morant Licence, Jamaica, on
made full use of this period and actively works and ensure liquidity for facing this moment of a 100% operated basis.

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