Malaysia’s UMW-OG Cancels Plan To Buy Icon Offshore

Malaysia’s offshore drilling services firm UMW Oil & Gas Corp. Bhd (UMW-OG) has scrapped plans to acquire offshore support vessel provider Icon Offshore Bhd, citing capital constraints and uncertainties in the industry.

UMW-OG said in January it planned to buy Icon in a deal valuing the target at 588.6 million ringgit (US$136.06 million). It also said it planned to buy 95.5% of Orkim Sdn Bhd, an operator of clean petroleum product transport vessels, which it then valued at 495 million ringgit ($114 million)

But UMW-OG said it was terminating the deal “after considering the significant capital requirements of UMW-OG and upon taking into account the need to have greater clarity on the industry consolidation framework and certainty of the industry environment before any such consolidation can be pursued.”

The firm said in a statement it would explore opportunities to collaborate in the future, because it believes the creation of a major integrated oil and gas service provider was the right strategic approach for the longer term. UMW-OG said it would pursue a plan to recapitalize.

BP Will Use Exa Corp.’s Digital Permeability Software

BP and Massachusetts-based Exa Corp. signed an agreement for Exa’s DigitalROCK relative permeability software, which a senior adviser at BP said would be used by BP.

The two companies have a multiyear commercial agreement. The product will aid decision making on EOR, wells and production facilities, a press release said.

Joanne Fredrich, upstream technology senior adviser, said the software would be used across BP’s global portfolio, adding that the product was the result of a three-year collaborative development and testing effort. DigitalROCK generates reliable relative permeability information directly from digital scans, she said.

DigitalROCK is based on Exa’s multiphase fluid flow simulation technology, the press release said.

Shipyard Accident Could Delay Martin Linge Platform Delivery

Total said last week that it needed more time to assess whether an accident at a South Korean shipyard could delay the delivery of its Martin Linge oil platform to Norway.

Six people died and more than 20 were injured when a crane collapsed onto a section of the platform at a Samsung Heavy Industries shipyard on May 1 in Geoje, according to South Korea’s Yonhap News Agency report.

“It’s too early to say how this would affect the platform’s delivery. We still need to assess the damage,” a spokesman for Total’s Norwegian subsidiary said. No Total employees were killed or injured, the company said.

“We planned to sail the platform from South Korea before summer to install it during July or August, and it’s still the plan,” he added.

The trip takes nearly two months.

Total owns a 51% stake in the Martin Linge license, while Norway’s state-owned Petoro has 30% and Statoil ASA has 18%.

Weir Names Managing Director For EMEA Region

Ronan Le Gloahec was appointed as managing director of the EMEA region for Weir Oil & Gas, effective immediately, the pressure pumping provider said.

Le Gloahec will lead the Weir oil and gas business unit, which is based in Dubai, United Arab Emirates. He will oversee manufacturing and service of pressure control equipment, rotating equipment, OCTG products and operational and maintenance contracts with end-user E&P and national oil companies across the Middle East, Africa, Europe and the Caspian regions.

Before joining Weir, Le Gloahec was senior vice president at Welltec A/S, responsible for executive management in the Middle East and Asia-Pacific.

Halliburton, Partners Offer GoM Subsea Well Intervention Package

Halliburton Co., Trendsetter Engineering and C-Innovations will provide Gulf of Mexico (GoM) customers with technologically advanced, integrated well intervention packages to improve efficiency while addressing infield production and subsea challenges, according to a news release.

Mario Lugo, chairman and CEO of Trendsetter, said the partnership’s projects have included, to date, complex hydrate remediation, large acid stimulations, pipeline flushing, and inspection, maintenance and repair work in water depths up to 3,048 m (10,000 ft).

Trendsetter Engineering is a subsea solutions provider based in Houston. C-Innovations is a marine transportation and solutions provider based in Mandeville, La.

Wood Group Makes Changes To Executive Leadership Team

Andrew Stewart was appointed CEO of the asset life-cycle solutions (ALCS) business in the Western region, succeeding Michele McNichol, who became executive vice president of integration, Wood Group said.

The appointments were effective immediately.

Most recently, Stewart was president of the construction, maintenance and operations business, which provides most of the business activity in the Western region. Prior to that, he led Wood Group’s brownfield production services operations in Australia and the Asia-Pacific region, the press release said.

McNichol’s executive president of integration role is new. She will lead the global integration of Wood Group’s potential acquisition of Amec Foster Wheeler. Previously, she was CEO of ALCS in the Western region and CEO of Wood Group Mustang.

James Trimble Becomes Stone Energy’s Interim CEO, President

James M. Trimble was elected as interim CEO and president of Stone Energy Corp. by the board of directors, as David H. Welch will retire as CEO and president after more than 13 years at the company, Stone Energy said.

Welch will also step down from his position as a company director.

Trimble’s election is effective immediately. He is an independent director. Trimble was president and CEO of PDC Energy from 2011 to 2015. He also was senior vice president of E&P for Cabot Oil and Gas Corp. for 17 years. Overall, he has more than 35 years of energy industry experience, Stone said in a news release.

The board also appointed Keith Seilhan to the new position of COO, effective immediately, the company said, adding that Seilhan was formerly the senior vice president for Gulf of Mexico. Prior to joining Stone Energy, Seilhan worked for 21 years at Amoco and BP, working in various senior leadership and operations roles.

—Staff & Reuters Reports