With Petrobras engulfed in Brazil’s largest ever corruption scandal, BG and other partners are struggling to communicate with the state-controlled producer’s management to address delays to development plans.
The Houston oil field services firm said Tuesday it is putting its fixed cutter bits, roller cone drill bits, directional drilling, logging-while-drilling and measurement-while-drilling businesses on the auction block in separate deals.
The Houston firm, which builds equipment for oil producers and refiners, agreed to issue 10.1 million shares to lenders in exchange for waivers on certain leverage requirements it might have breached. That represents nearly 17 percent of the firm’s outstanding shares.
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