July 2014
News & Resources

Companies in the news

Companies in the news
Melanie Cruthirds / World Oil



On June 9, Maersk Drilling delivered the world’s largest jackup, the Maersk Intrepid, to Westcon Yards in Olen, Norway. The rig sailed from Singapore with the heavy lift vessel Hawk, and has a leg length of 206.8 m. According to Malvin Eide, rig manager at Westcon Yards, the rig was scheduled to stay at the yard for 50–60 days for crew training, equipment installation and on-board testing.

Marathon Oil has entered into a definitive agreement with Det norske oljeselskap under which Det norske will purchase Marathon’s wholly-owned subsidiary, Marathon Oil Norge, for a total transaction value of $2.7 billion. After adjustment for debt, net working capital and interest on the net purchase price, Marathon Oil expects net proceeds of approximately $2.1 billion at closing. The effective date of the transaction is Jan. 1. The companies expect to close the transaction, subject to the necessary government and regulatory approvals, in the fourth quarter of this year.

Energy XXI has completed the previously announced acquisition of EPL Oil & Gas for approximately $2.3 billion, making Energy XXI the largest publicly-traded independent operator on the Gulf of Mexico shelf. The transaction included the assumption of approximately $805 million of EPL debt, net of cash, payment of approximately $1.02 billion in cash, and approximately 23 million common shares of Energy XXI stock. After closing the transaction, Energy XXI has approximately 93 million shares outstanding (approximately 102 million shares fully diluted).

Baker Hughes and CGG have announced that their Magnitude JV has expanded its capabilities to provide dedicated resources and technologies for borehole, surface, and permanent microseismic monitoring. With this expansion, Magnitude offers a full range of microseismic services that can help operators improve well completion design and maximize recovery at a lower cost per barrel. A key component of Magnitude’s new services is a team of seasoned experts, whose technical disciplines range from engineering, geophysics and microseismic, to wireline and rock mechanics.

CB&I has been awarded a contract by Pieridae Energy (Canada) for the front-end engineering and design (FEED) of the Goldboro LNG project at the Goldboro Industrial Park in Nova Scotia, Canada. Under the FEED contract, CB&I will design and engineer two LNG liquefaction trains, and associated facilities, in preparation for the engineering, procurement and construction phase. Goldboro LNG will produce up to 10 Mtpa of LNG, and will have on-site storage capacity of 690,000 m³ of LNG.

Honeywell Process Solutions was selected by Suncor Energy to provide automation systems for a new multi-billion-dollar Fort Hills Oil Sands project in Alberta, Canada. Honeywell will supply technology to integrate the site’s control and safety systems, manage alarms, and provide advanced simulation software that enables critical operations planning and operator training. The facility is expected to be operational in late 2017.

Polarcus has completed acquisition of the Breagh multi-client project in the UK Southern North Sea. The 840-km2 RightBand project was acquired by Polarcus Naila towing an 8-by-75-by-6,000-m spread, and utilizing Polarcus’ infill management solution. The data are being processed through a broadband workflow, with final data products available in December 2014. The survey is designed to provide enhanced imaging of the Carboniferous Breagh field areas in UK Block 42/13, and extends the company’s multi-client coverage in the basin to over 5,400 km2 of high-density 3D seismic data.

Vallourec has been selected to supply premium line-pipe and welding services for the TEN ultra-deepwater oil and gas project, operated by Tullow Oil in Ghana, and executed by a consortium of Subsea 7 and Technip. Vallourec will provide Subsea 7 with seamless offshore line-pipe, including anti-corrosion coating, for a total of 15,000 t. The pipe will be dedicated to production flowlines (pipe-in-pipe system by ITP InTerPipe) and gas export lines. Vallourec subsidiary Serimax will provide associated welding services for the double jointing operations related to the production pipe-in-pipe and gas export lines.

Tendeka was awarded a three-year contract to provide zonal isolation technologies to be utilized by an oil and gas company in the Malaysia region. The contract was awarded through Tendeka’s partner in the region, Dialog Systems Sdn Bhd (DSSB), a wholly-owned subsidiary of Dialog Group Bhd, an integrated specialist technical service provider serving the oil, gas and petrochemical industry.

TESCO has announced the signing of a definitive agreement between its subsidiary, Tesco Corporation (U.S.), and Tech Field Services Inc. (TFS). Under the terms of the definitive agreement, Tesco has acquired the assets of TFS, and will incorporate the TFS business into its U.S. after-market sales and service (AMSS) operations. TESCO specializes in top drive sales, rentals and after-market services. Established in 2006 in Magnolia, Texas, TFS provides parts, maintenance and repairs for multiple top drive manufacturers, including TESCO top drive units.

Blackhawk Specialty Tools, a provider of engineered specialty equipment and services to the oil and gas industry, has acquired Trinity Tool Rentals, including its wholly-owned subsidiary Blake Manufacturing. The terms of the transaction were not disclosed. Blackhawk Specialty Tools was founded in 2008, is headquartered in Houston, and provides premium automated top drive cement heads, and other related cementation products and services. Trinity Tool Rentals, founded by Harvey Sharp III and Jason Galbreath in 1998, designs, rents and sells advanced drilling and completion equipment.

The Greater Lafourche Port Commission (GLPC) has been recognized for its distinguished record as a dedicated steward of Louisiana’s coastal lands by the Coalition to Restore Coastal Louisiana (CRCL). GLPC was presented with a Coastal Stewardship award at the 2014 CRCL Awards Banquet on May 9. Over the past several years, GLPC has worked closely with federal, state and local partners to implement, enhance or champion for numerous coastal and environmental restoration projects, in and around Port Fourchon. In some instances, restoration techniques were utilized for the first time on GLPC projects, making Port Fourchon a proving ground for coastal science and restoration techniques.

Santrol, a Fairmount Minerals company, has opened its eighth proppant terminal in the Permian basin. The new Carlsbad, N.M., rail terminal is serving the western part of the basin. Santrol’s proppant distribution network now includes more than 50 terminals throughout the U.S., in all of the major conventional and unconventional hydrocarbon basins.

Superior Drilling Products, Inc., a provider of drilling products for the oil, natural gas and mining services industry, has acquired Hard Rock Solutions, LLC, for $25 million, of which $12.5 million was paid in conjunction with the closing of its initial public offering. The company acquired Hard Rock’s patented Drill N Ream wellbore technology, a unique reaming assembly technology that has been used in over 850 horizontal wells since 2011.

Univar Inc., a global distributor of industrial and specialty chemicals and related services, broke ground on a new 52,000-sq-ft facility on 12 acres of land in Elmendorf, Texas, on May 20. The facility, in the Alamo Junction Rail Park, south of San Antonio, is under construction, and is expected to be fully operational by the end of the year. It will be a full-service distribution center, with capabilities to blend and distribute packaged and bulk materials for customers at the north end of the Eagle Ford shale.

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Melanie Cruthirds
World Oil
Melanie Cruthirds melanie.cruthirds@worldoil.com
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