World news
May 2016
In brief
May
2016
Oilfield Technology
|
5
Termination of Baker Hughes and Halliburton merger
According to Halliburton, the long awaited US$28 million merger agreement with Baker Hughes,
which both companies entered into in 2014, has been terminated.
Dave Lesar, Chairman and Chief Executive Officer of Halliburton made the following
statement: “While both companies expected the proposed merger to result in compelling
benefits to shareholders, challenges in obtaining remaining regulatory approvals and
general industry conditions that severely damaged deal economics led to the conclusion that
termination is the best course of action. I sincerely thank both our employees as well as the
Baker Hughes employees for their tireless efforts throughout the regulatory review process.
While disappointing, Halliburton remains strong. We are the execution company – our strategy,
technologies and service quality are focused on helping customers maximise production at the
lowest cost and driving industry leading growth, margins and returns.”
“The outcome is disappointing because of our strong belief in the vast potential of the
business combination to deliver benefits for shareholders, customers and both companies’
employees,” said Martin Craighead, Chairman and Chief Executive Officer of Baker Hughes. “This
was an extremely complex, global transaction and, ultimately, a solution could not be found to
satisfy the antitrust concerns of regulators, both in the United States and abroad. As we turn
the page on this chapter, I want to thank our customers for their patience and continued loyalty
over the past 18 months. I also want to thank the entire Baker Hughes team for their unwavering
dedication and commitment during this process.”
Proserv seals North Sea
contract with Apache
Proserv has been awarded a multi-million dollar
contract from Apache Corporation for work on
the UK Continental Shelf.
Proserv will supply a subsea control system
and associated topside and subsea interface
equipment for use on the new Callater wells
located south of the Beryl Alpha platform.
The latest award comes after Proserv
completed work for Apache on the Bacchus and
Aviat extension wells for the provision of subsea
control modules and services in the Forties field.
The design, manufacture and supply of the
workscope will be carried out by Proserv’s team
of subsea experts in Great Yarmouth, UK.
David Lamont, CEO of Proserv, said: “This is
a significant win for the company that highlights
the strength of our technical and engineering
expertise as well as our market-leading status in
the subsea controls and communications field.”
This latest deal builds on a successful
period for Proserv, only recently the company
secured a multi-million dollar contract with
Statoil for the provision of production control
equipment in Norway.
Nigeria
ION Geophysical Corporation has
announced that its ocean bottom seismic
company, OceanGeo is mobilising its
vessels and crew to conduct an OBS
survey offshore Nigeria. A letter of
commitment for the project has been
issued by an International Oil Company,
and ION expects the contract to be
finalised within the next few weeks.
Canada
TGS has announced the expansion
of its multi-client library offshore
Eastern Canada with plans to acquire
more than 36 000 km of 2D seismic
data, in partnership with PGS, utilising
two vessels during the 2016 acquisition
season.
The
M/V Sanco Spirit
and
M/V Atlantic Explorer,
utlising the
PGS GeoStreamer technology, will
acquire seismic and gravity data in
the Labrador Sea, Newfoundland
an Orphan-Flemish Pass basins and
Grand Banks areas. Data acquisition
will commence during late May 2016.
Pre-processing of the initial GeoStreamer
signal will be performed by PGS
following which TGS will perform data
processing with final data available to
clients in Q3 2017.
Kurdistan
DNO ASA, the Norwegian oil and gas
operator, announced the start-up of an
active drilling programme at its flagship
Tawke field in the Kurdistan region of
Iraq as the company boosts investments
on the back of seven consecutive
monthly oil payments, the last three of
which were in line with its contractual
entitlements.
Keppel completes
acquisition of LeTourneau
Keppel Offshore & Marine, through its
wholly owned subsidiary, Keppel Offshore
& Marine, has completed the acquisition
of Cameron International Corporation’s
offshore product division.
The products comprise of the
LETOURNEAU™ jack-up rig designs, rig kit
business, and in addition, its aftersales
and aftermarket services. The new
company will operate under the name of
Keppel LeTourneau, and will have offices in
the US, the UAE and Singapore.
Not only will the acquisition broaden
Keppel O&M’s suite of jackup rig designs
but also expand its business in the
provision of aftersales and aftermarket
services.
Mr Chow Yew Yuen, CEO of Keppel
O&M said, “Keppel O&M is the world’s
leading provider of offshore jackup rigs.
This strategic acquisition will complement
Keppel O&M’s existing capabilities and
enable us to provide our customers with a
full suite of end-to-end jackup solutions.”
