Blackstone (NYSE: BX) has formed Clarion Offshore Partners LLC, a new platform to provide strategic solutions to the offshore oil and gas drilling and services sector, with a financial commitment from private equity funds managed by Blackstone.

Clarion’s investment mandate enables the partnership to pursue opportunities with a wide array of industry participants, including offshore drilling companies, shipyards, financial institutions, investors, and oil and gas operators. The partnership will provide creative financing solutions including growth and restructuring capital to the sector.

The Clarion team is led by senior executives with extensive experience in the offshore drilling services sector and has operated in virtually every offshore basin in the world.

Clarion’s Chairman Louis Raspino, with partners Greg Looser, Kevin Robert, and Ron Toufeeq, were the majority of the executive management team at Pride International. Under the leadership of Raspino as CEO, with Toufeeq as COO, Robert as chief commercial officer and head of business development, and Looser as chief administrative officer and general counsel, Pride International restructured its balance sheet, rebuilt its worldwide management team and infrastructure, and executed asset rationalizations.

“This is an opportune time in the industry for a well-capitalized and experienced team to provide creative financing and operational solutions,” Raspino said. “Balance sheets are under severe pressure, existing operators are challenged to deploy assets, and related parties throughout the value chain are also facing financial pressures. We believe Clarion can be a partner of choice to the industry and we are excited about partnering with Blackstone.”