Acteon Buys Viking SeaTech in $12 Million Deal

The mergers and acquisitions scene appears to be heating up with U.S.-based Actuant Corp. jumping into the action. The company has agreed to sell its Viking SeaTech business, which specializes in the design and installation of mooring systems among other marine services, to Acteon Group Ltd. for about $12 million.

While the move helps Actuant simplify its portfolio, it brings to Acteon a company that has more than 20 years of experience in the mooring systems business. Viking SeaTech generated about $20 million in revenue during the past 12 months, according to a Business Wire news release.

“The decision to divest Viking was not taken lightly, but it is consistent with our strategy to concentrate our energy offerings where we can provide the most value over the long term,” said Randy Baker, president and CEO of Actuant, in the release. “It also helps to simplify and stabilize our portfolio by significantly limiting exposure to upstream, offshore oil and gas.”

Actuant also announced it signed an agreement with Acteon to buy U.K.-headquartered Mirage Machines Ltd. for about $16 million plus potential future performance-based consideration, the release said. Baker said Mirage is a strong complement to Hydratight, broadening its product line offerings and adding rental and service opportunities.

Both deals are subject to customary regulatory approvals and closing conditions.

Ecopetrol Names Felipe Bayon As New CEO

Colombian state-run oil company Ecopetrol said Aug. 17 its current vice president, Felipe Bayon, will take over as CEO, replacing Juan Carlos Echeverry.

Echeverry, who has headed the company since March 2015 through difficult times caused by the global fall in crude prices, has resigned for family reasons, Ecopetrol said in a statement to the Andean country’s financial regulator.

Bayon, an engineer who spent 20 years working at BP Plc, will take over Sept. 15, the company said. He has been a vice president at Ecopetrol since February 2016.

Echeverry told Reuters in an interview last week that the company will focus on exploring for unconventional deposits in the center and north of the country over the next few years in a bid to increase oil reserves.

Ecopetrol is Colombia’s largest company and its top crude producer.

The government controls 88.49% of the firm.

Nigeria State Oil Firm Says Its Production Costs Cut To $23/bbl

Nigeria’s production cost per barrel of crude oil is down to $23, the state oil company said Aug. 16, after the country last month said the cost was $29/bbl—one of the highest levels in the world.

The Nigerian National Petroleum Co. (NNPC) did not say in its statement how the firm had driven the cost down by $6 in the three weeks since the government’s cabinet approved a national petroleum policy that put the price at $29, using data from Rystad Energy.

The state oil firm did not immediately respond to a request for comment.

The NNPC “has driven down the cost of crude oil production from $78 dollars per barrel as at August 2015 to $23 per barrel representing a 70.5% reduction,” the company said.

Oil prices began crashing in 2014 and were under $78 for the whole of 2015. All producers have worked since the crash to cut their E&P costs, with most succeeding in driving them down.

The NNPC aims “to bring the cost of production to between $17 and $19 for onshore and offshore production respectively,” the company said.

Hunting Appoints New CEO

Arthur James Johnson has been named CEO of Texas-based Hunting Plc, effective Sept. 1, the company said in a news release on Aug. 16.

Since 2011 Johnson has held a COO position with the company before succeeding Dennis Proctor, who will retire on Sept. 1, as CEO of Hunting Plc. As part of his responsibilities, he managed Hunting’s global operations with regional managers in Africa, Asia-Pacific, Europe, Middle East and North America reporting directly to him on all matters.

Prior to that, he held a number of senior positions within Hunting from 2000 to 2001, including managing director of U.S. operations. During this time, he was instrumental in the development of Hunting’s product offering and service capabilities.

The company’s interim results for the six months, which ended June 30, remains scheduled for release on Aug. 24.

Amec Foster's Proposed Asset Sale May Help Wood Group Deal Approval

Amec Foster Wheeler Plc’s proposal to sell almost all of its upstream offshore oil and gas servicing assets may be adequate for regulatory approval of its merger with John Wood Group Plc, the U.K.’s Competition and Markets Authority said.

British oil and gas services company Amec Foster, which is being bought by Wood Group for $2.8 billion, said earlier in August it was preparing its North Sea operations for sale, in response to the competition watchdog’s concerns.

The market regulator said on Aug. 15 the divestiture, or a modified version of it, might be acceptable and that it would open a public consultation in due time.

Wood Group said the companies are not required to complete the sale of the assets before completing the merger.

As a result, the company sees no change in the expected date of completion and continues to expect the deal to close in fourth-quarter 2017, Wood Group said.

McDermott Appoints Senior VP, General Counsel

John Freeman, who most recently served as special adviser to the integration of Technip and FMC, has been appointed senior vice president, general counsel and corporate secretary for McDermott International Inc., the company said in a news release.

He succeeds Liane Hinrichs, who plans to retire from McDermott by year-end 2017. The change took effect Aug. 14.

With more than 30 years of legal experience in the private and public sector, Freeman was the group (corporate) general counsel for Technip before the company’s merger with FMC, the release said. He also held legal and compliance positions with Baker Hughes Inc. before joining Technip in 2009.

Premier Oil Names Roy Franklin As Chairman

Premier Oil has hired oil and gas industry veteran Roy Franklin as its chairman to succeed Mike Welton, who said in March that he would step down on appointment of a successor.

Franklin, who is currently the interim chairman of Norway’s Statoil, will assume the role of Premier Oil’s nonexecutive chairman from Sept. 1, the company said.

During his 40 years in the industry, Franklin has worked with many companies, including oil major BP where he stayed for 18 years. He is also lined up to become deputy chairman of the combined group when oilfield services Wood Group completes its acquisition of rival Amec Foster Wheeler.

Premier Oil, which had been struggling with high levels of debt before agreeing to a restructuring deal in February, made a loss before tax in 2016, but its share price rose 52% as the crude oil prices recovered.

The North-Sea focused oil producer also named Dave Blackwood and Mike Wheeler as nonexecutive directors with immediate effect.

Welton is leaving Premier Oil after eight years at the helm.

Xodus Appoints Director To Drive Decommissioning Strategy

Xodus Group has tapped Enrico Salardi, a more than 20-year oil and gas veteran, to steer its decommissioning division.

As decommissioning director, Salardi will work alongside Xodus’ decommissioning lead, Peter Tipler, who will continue to focus on delivering the innovation, collaboration and strategic solutions, the company said in a news release.

Salardi joined Xodus from Quadrant Energy, where he was senior project manager for several decommissioning programs in Australia. He also has worked for Eni for more than 15 years and for Apache, where he undertook work on new development projects and decommissioning work.

—Staff & Reuters Reports

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