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Vol. 229 No. 2 |
National Oilwell Varco, Inc., and Grant Prideco, Inc., have entered into a merger agreement in which National Oilwell Varco will acquire all of the outstanding shares of Grant Prideco for $23.20 in cash and 0.4498 shares of National Oilwell Varco per share of Grant Prideco. The combined consideration totals about $58 per share for Grant Prideco, a premium of 22%. This transaction is not expected to have an impact on Grant Prideco’s pending sale of its tubular businesses to Vallourec S.A. Upon completion of the transaction, it is anticipated that the current stockholders of National Oilwell Varco will own about 86% of the combined company, and the current Grant Prideco stockholders will own about 14%.
A subsidiary of John Wood Group PLC has agreed to acquire IMV Corp. for an initial cash consideration of C$131 million (US$140 million), with three further cash payments due in the period to 2014 based on the future performance of IMV Corp. IMV, owned by its management and employees, provides engineering, procurement and construction management services to the Canadian oil and gas exploration and production sector, particularly for in situ oil sands developments. It has a workforce of around 650.
Hydratight, the joint integrity company, has announced an agreement to provide Subsea 7 with specialist training for the “assembly and tightening of subsea bolted connections.” The first phase of this training will be delivered to 60 engineers, followed by a structured rollout to support and operational staff.
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Subsea 7 Inc.’s i-Tech Division announced it will provide ROV services for 3 and 5 years, respectively, for two Petroleo Brasileiro S.A. semi submersible drilling rigs relocating from the US Gulf Of Mexico to offshore Brazil. In addition, Larsen Oil and Gas has selected i-Tech to provide ROV services for a 2 1/2-year term onboard a semi submersible offshore Mexico.
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Schlumberger has acquired exclusive distribution rights to the oil and gas sector for the map-based geographic information search technologies from MetaCarta, Inc. The search technology combines map-driven geographic search, geographic referencing, temporal filtering and data visualization capabilities, for both structured and unstructured content, making that content “location-aware.” Schlumberger and Moblize, a specialist in instrumentation and sensor-to-web surveillance solutions, have announced a partnership to apply advanced real-time technologies to improve field operations efficiency in onshore gas fields, and address the problem of managing gas well liquid loading. The partnership will couple advanced technologies with proven processes for gas well lifecycle management, from field operations efficiency and well status through monitoring, to well and reservoir performance management. Initial emphasis will be onshore wells in the US.
Cal Dive International, Inc., has acquired Horizon Offshore. The combined company will operate a fleet of 35 vessels, including 24 diving support vessels, seven pipelay/pipebury barges, one dedicated pipebury barge, one combination derrick/pipelay barge and two derrick barges. The addition of Horizon allows Cal Dive to offer trunkline and salvage and decommissioning services together with its diving services.
Houston-based Wescorp Energy Inc. has acquired water remediation and purification technology from FEP Services Inc., a private Canadian corporation. FEP’s aeration system creates micron-sized gas bubbles that super-saturate water produced from oil wells. As the solids are cleaned of hydrocarbons, the heavy solids fall and the lighter suspended solids rise and are encapsulated in the recovered oil. The tank configuration removes the oil and a slight amount of water from the primary tank. This oil-water mixture flows through the remainder of the system, achieving virtually total separation of the oil and produced water.
Deep Down, Inc., has signed an agreement to purchase Mako Technologies, Inc. Headquartered in Morgan City, Louisiana, Mako offers technical support services and products to the offshore petroleum and marine industries through rentals of ROVs, topside and subsea equipment, and diving support systems. Total cost of the acquisition is about $5 million in cash and 11,269,841 shares of common stock of Deep Down, which will also pay off about $800,000 in Mako bank debt.
Knight has expanded its presence in Oklahoma with the opening of new facilities in Oklahoma City and Tulsa. The Oklahoma City facility is a full-service operation focused on oilfield rental tools, drill pipe and BOP services as well as equipment and inspection services for drillstring operations and downhole tubulars. The Tulsa facility serves as a corporate office for the Tulsa and Western Arkansas areas.
Hercules Offshore, Inc., has closed the sale of its fleet of nine land drilling rigs and related assets to Petrex Sudamerica Sucursal de Venezuela S.A. and Saipem Perfuracoes e Construcoes Petroliferas Lda. Total value of the transactions was about $107 million.
Calgary-based Compton Petroleum Corp. has completed its previously announced acquisition of all of the issued and outstanding common shares of WIN Energy Corp. for total consideration of about $30 million. As a result, WIN becomes a wholly-owned subsidiary of Compton.
Westside Energy Corp. has entered into a definitive agreement to combine with privately held Crusader Energy Group (which includes Knight Energy Group, LLC; Knight Energy Group II, LLC; Knight Energy Management, LLC; Crusader Energy Group, LLC; Crusader Management Corp.; RCH Upland Acquisition, LLC; and Hawk Energy Fund I, LLC) of Oklahoma City. The combined company will have a total net proved reserves of more than 150 Bcfe, 80% natural gas, with a reserve life of 15.8 years.
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