01.04.2016 - Moody's: Challenging oil market conditions keep hurting offshore drillers' credit profiles
Low oil prices and waning demand for drilling services will continue to put the credit profiles of Brazilian offshore drilling vessel projects under pressure for the next three to five years, says Moody's Investors Service. Petróleo Brasileiro S.A. (Petrobras, B3 negative), Brazil's national oil company, slashed its projected capital spending budget by more than a third earlier this year. Much of the reduction in spending will affect exploration and production activities, impacting drillers that have significant re-contracting risk and a large amount of debt outstanding...............................................Full Article: Source
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