S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets, is announcing the launch of a new benchmark for US crude oil, Platts American GulfCoast Select (AGS) from June 26.
McDermott International Ltd. ("McDermott" or the "Company") has successfully completed its restructuring process. The comprehensive balance sheet restructuring equitizes nearly all of McDermott's $4.6 billion of funded debt. The Company emerges with $2.4 billion in letter of credit capacity and $544 million of funded debt.
Sustaining production from existing infrastructure remains the key driver for North Sea exploration but five years of drilling has only replaced 15% of production. There is ongoing appetite for high impact drilling, despite a success rate of only 12% for this type of exploration in the period.
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