Companies in the news

Vol. 231 No. 9

CRC-Evans Pipeline International has been acquired by Stanley Black & Decker for $445 million in cash. The acquisition is a step in Stanley Black & Decker’s ongoing strategy to diversify its revenue base and build its infrastructure through acquisitions. CRC-Evans provides pipeline construction equipment, automatic welding systems, managed subsea services, field joint coating and heat treatment as well as non-destructive testing.

Nabors Industries and Superior Well Services Inc. have entered into a definitive merger agreement. Nabors will commence a tender offer for all outstanding shares of Superior Well Services common stock in a transaction valued at about $900 million. Superior Well Services has one of the newest fleets in the industry with over 430,000 hydraulic fracturing horsepower.

A Noble Corp. subsidiary will construct a new, dynamically positioned ultra-deepwater drillship with South Korea’s STX Heavy Industries Co. Ltd. and Dutch-based design and construction firm Huisman Equipment B.V. The Noble Globetrotter II drillship is the second unit to be constructed for the company utilizing a two-phase process wherein the hull will be built by STX at its facility in Dalian, China, and then the unit will be delivered to the Netherlands where Huisman will oversee the installation and commissioning of the topside equipment. Operations are expected to commence on the first Noble Globetrotter in late 2011, and on the second unit in 2013. The delivered cost of Noble Globetrotter II, excluding capitalized interest, is estimated at $550 million.

Marine Subsea UK has completed a $1.0 million (£656,000) contract for operator Repsol for work near the Casablanca platform, offshore Spain. Marine Subsea deployed the Sarah, its multipurpose offshore intervention vessel, to prepare three platform J-tubes for installation work scheduled for 2011, and also to modify existing trawl-protection structures at two wellsites. The J-tube work included relocation of an existing but abandoned 6-in. flexible pipe.