UBS on Wednesday lifted the price target for oilfield services company Arabian Drilling Co. (SASE:2381) to 103 Saudi riyals from 101 riyals and reiterated its buy rating.
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Saipem (SPM.MI) said Wednesday it received an offshore contract in the Middle East worth $1.8 billion.The Italian company will provide engineering, procurement, construction and installation services for offshore and subsea facilities under the contract.
Codelco expects to produce less copper this year, abandoning a plan unveiled in April to produce 1.34 million metric tons versus last year's revised 1.307 million tons, Bloomberg reported Wednesday, citing a person familiar with the matter.Under new Chairman Bernardo Fontaine and Chief Executive Officer Jorge Gomez, Codelco is now looking to stabilize production around current levels in coming years rather than pursue former Chairman Maximo Pacheco's 1.7 million-ton target, the report said.The new leadership is prioritizing profitability over production volume, aiming to maximize contributions to the state while preventing further increases to the company's $27 billion debt burden, according to the report.Codelco did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
NACCO Industries (NC) unit North American Mining said late Wednesday it executed multi-year contract extensions with clients in Florida and Arkansas.The extended contracts position the unit to support growing infrastructure demand through nearly 5 million tons of annual production, according to a statement.North American Mining has extended its contract with the Florida customer by 20 years and its contract with the sand and gravel client in Arkansas by four years, the company said.