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April 16, 2020

Coronavirus company news summary

By Matthew Farmer

16 April

Brazilian operator Petrobras has started shutting down 62 shallow water platforms, located in the Campos, Sergipe, Potiguar and Ceara basins. The suspension of operations will reduce the company’s production by 23,000 barrels of oil per day, Reuters reported.

Italian oilfield services company Saipem has withdrawn its guidance for the year due to increasing uncertainty created by the Covid-19 pandemic. The Saipem board also said the current balance sheet of the company is strong, as is its available liquidity, and both will be adequate to support operational requirements. However, it further acknowledged the Covid-19 pandemic may cause a sharp fall in demand and delay some projects.

Australian natural gas producer Woodside has reported a fall in first-quarter sales revenue of more than 20%, because of lower fuel prices. The company registered sales revenue of $1.13bn (AUD$1.8bn) in Q1 2020, down from AUD$1.36bn a year earlier. Woodside further noted it has taken a series of measures in response to the Covid-19 pandemic, including revising the 2020 work plan.

Sembcorp Marine Admiralty Yard in Singapore has temporarily suspended operations for two weeks to limit the spread of Covid-19 and ensure safety of the workers. The decision was taken after the Energean Power floating production, storage and offloading (FPSO) vessel arrived at the yard. Meanwhile, Sembcorp Marine will secure the hull mooring during the two weeks.

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