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Vol. 224 No. 10 |
Euromoney Institutional Investor PLC has agreed to acquire all of the issued share capital of HedgeFund Intelligence Ltd, a hedge fund publisher and event organizer, for an initial consideration of £11 million ($17.5 million). HedgeFund Intelligence publishes the monthly newsletters EuroHedge, AsiaHedge and InvestHedge, and in early 2003 started a monthly US newsletter, Absolute Return. The company was founded in 1998 by Iain and Suzie Jenkins. Mr. Jenkins will continue to run the business from London as managing director. Euromoney is the owner of Gulf Publishing Co., publisher of World Oil.
Weatherford’s Gemoco Industrial Valve Products (IVP) Group in Houma, Louisiana, and Paradigm Services, LP, of Houston and Baton Rouge, Louisiana, have formed a valve repair alliance to serve the petrochemical and oil and gas industries. In this alliance, Paradigm will provide its onsite valve repair services and its control valve repair diagnostic expertise, which Gemoco will complement with its premium replacement control valve parts.
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Landmark Graphics Corp. opened the first Asset Development Centre in Europe within its refurbished Aberdeen office. The center will enable oil and gas asset teams to access Landmark’s technology in a fully optimized collaborative environment, including a state-of-the-art visualization room featuring a 24-ft- diameter, 160° spherical screen with three-channel projection, supporting full active stereo for highly immersive visualization.
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Caledus Limited, the recently formed oil and gas service sector, has reached agreement with Polar Completions, a division of Precision Drilling Technology Services Group Inc., to distribute Polar’s complete range of liner hanger and completions products in the North Sea and in parts of Europe. Precision Drilling Corp. is the largest Canadian integrated oilfield and industrial services contractor and a global provider of products and services to the energy industry. Polar Completions is an emerging high tech service provider in the completions sector.
Halliburton Energy Services has completed the first electronic transactions using American Petroleum Institute’s e-commerce transaction standards, known as API-PIDX XML, with two major oil companies in the first quarter of this year. These are the initial deployments of what will become standard e-business commercial workflow transactions directly integrating Halliburton’s back-office ERP systems with that of its customers. The first exchanges included purchase orders, signed field tickets and invoices for projects in the Gulf of Mexico and Bakersfield, California, areas, for which Halliburton is providing numerous services. Halliburton continues to work with several other customers in the US and overseas to further deploy these ordering and payment systems. The direct system-to-system integration of commercial documents also enables customers to view and download proposals, field tickets and job status reports, and gives them access to commercial information, technical information, simulators and calculators, project collaboration and product catalogs. API’s Recommended Practice 3901 e-commerce transaction standards were developed by the Petroleum Industry Data.
Superior Energy Services, Inc., has acquired Premier Oilfield Services, Ltd., an oilfield equipment rental company based in Aberdeen, Scotland. Premier provides tubular handling equipment, drill pipe, tubing, downhole tools and associated products to key oil and gas regions, including the North Sea and other European markets, northern Africa, and the Middle East. Premier’s 6.5-acre headquarters in Aberdeen features an 8,000-sq-ft, fully automated tubular inspection facility, where the company’s inventory is stored, serviced and maintained.
Tenaris S.A., a company specializing in tubular technologies for the oil and gas industry, and materials specialist Sandvik Materials Technology have concluded a strategic alliance under which Tenaris becomes the worldwide distributor for Sandvik’s seamless, stainless steel downhole production tubing and other high-performance OCTG products. The companies have further agreed to work together to identify and develop new tubular products. Under the terms of the alliance, Sandvik’s manufacturing and technological capabilities will be combined with Tenaris’ worldwide distribution and marketing capabilities, and its extensive customer base.
Occidental Petroleum Corporation announced that Governance Metrics International (GMI), an independent agency, awarded Occidental its highest corporate governance score. Occidental was one of 15 US and two Canadian firms, out of a total of 1,000 US and 600 non-US companies considered, to receive a top score of 10.0.
Keppel FELS Ltd, the offshore arm of Keppel, has begun fabrication on the Shah Deniz TPG500 platform, to be installed in the Shah Deniz gas and condensate field in the Azerbaijan sector of the Caspian Sea and operated by BP. Keppel FELS was awarded the US $96-million fabrication project from BP Exploration (Shah Deniz) Ltd, the Operator of the Shah Deniz Gas Export Project. It is responsible for the entire out-country fabrication involving hull, topsides and living quarters. The TPG500 platform hull is the key facility for the project, with an anticipated high steel throughput of 12,000 tons. Delivery is scheduled for July 2004, when the four hull strips of the TPG500 jack-up will be shipped to the Caspian Sea for integration with other in-country fabricated structures.
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