SapuraKencana Petroleum Berhad and Seadrill Limited have entered into a non-binding memorandum of understanding (“MOU”) to combine and integrate both companies’ tender rig businesses. The two companies including their predecessor companies have operated part of their tender rigs businesses together successfully in the joint venture Varia Perdana Sdn Bhd and Tioman Drilling Company Sdn Bhd [...]
Reef Subsea has announced that it is set to fully rebrand and align its companies in Norway-namely Technocean and Scanmudring-Rotech Subsea – to position itself as a dynamic and integrated contractor in the subsea market. Coupled with an extension of its geographical footprint, the Group is well positioned to serve its clients with specialised services [...]
CNOOC Limited and Nexen Inc. announced that they have entered into a definitive agreement under which CNOOC Limited will acquire all of the outstanding common shares of Nexen for US$27.50 per share in cash. The purchase price represents a premium of 61% to the closing price of Nexen’s common shares on the NYSE on July [...]
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![USA: PXP Weighing Options to Separate its Offshore and Onshore Businesses]()
Plains Exploration & Production Company (“PXP”) announces today it continues to evaluate alternatives to separate its deepwater and onshore businesses, which include separately capitalizing its deepwater business through a joint venture or outside capital and then either spinning-off or divesting these assets. James C. Flores, Chairman, President and CEO of PXP commented, “The planned separation [...]
![Norway: Aker Solutions Sells its Principal Process and Construction Businesses to Jacobs]()
Aker Solutions has on 1 February 2011 completed the sale of the principal operations within its Process and Construction business area to Jacobs Engineering Group Inc. (Jacobs). As disclosed on 22 December 2010, the transaction does not include the US EPC centre in Houston, and the Union Construction business located in the US and [...]
![Aker Solutions’ Process and Construction Businesses to Transfer to Jacobs Engineering Group]()
Aker Solutions has on 22 December 2010 entered into a share purchase agreement (SPA) whereby it has agreed to transfer operations within its Process and Construction business area to Jacobs Engineering Group Inc. (Jacobs), one of the world’s largest and most diverse providers of professional technical services. The transfer does not include the US [...]
![Norway: Aker Solutions Cultivates its Core Businesses]()
International oil services, engineering and construction company Aker Solutions has decided to cultivate its core businesses by creating three separate companies. The new streamlined entities have a clear ambition to grow in their respective markets. The new strategic direction, which will be announced at the company’s capital markets day in Oslo today, is the conclusion [...]
![BP to Sell Venezuela and Vietnam Businesses to TNK-BP for $1.8 billion]()
BP announced today that it has reached agreement to sell its upstream businesses and associated interests in Venezuela and Vietnam to TNK-BP for a total of $1.8 billion. TNK-BP, Russia’s third largest oil company, is owned equally by BP and the AAR Consortium (comprising Alfa Group, Access Industries and Renova). The agreement includes BP’s interests [...]
![USA: New Grant Thornton Study Explores Impact of Oil Spill on Deepwater Exploration and Production Businesses]()
Grant Thornton LLP’s Corporate Advisory & Restructuring Services (CARS) today announced the release of The implications of the oil spill on deepwater exploration and production That is a study outlining the ramifications stemming from BP’s Macondo well disaster for energy exploration and production (E&P) businesses, analyzing how a tougher regulatory environment, enhanced safety, new inspection [...]
