Technology Europe Exclusives

Offshore Drillers Ensco, Rowan To Combine In $2.4 Billion Merger

The merger of offshore drillers Ensco and Rowan will result in the world’s largest jackup contractor with a combined enterprise value of $12 billion.

As the oil price continues to climb from recent lows, there is a higher demand for funding. However, some smaller players face a challenging funding landscape, according to financial experts speaking at ONS2018.

Paradigm, Emerson, E&P software, digital oil field, Pat Babka, oil and gas workflow, Roxar Software Solutions,  Emerson Automation Solutions

With the acquisition of Paradigm, which was completed in late 2017, Emerson believes it can meet the market’s growing demand for an independent, global provider of E&P software solutions.

subsea oil and gas, subsea technology, dual pipe separator, Seabed Separation

Norwegian subsea technology firms are pushing ahead with technologies to enable a new wave of seafloor field development.

Subsea 7, subsea oil and gas, Jean Cahuzac

Subsea 7 CEO Jean Cahuzac expects the subsea market will see more awards coming its way in first-half 2018 for subsea umbilicals, risers and flowlines as well as conventional projects.

Completion Europe

Schlumberger, Paal Kibsgaard, oil, drilling, technology, hydraulic fracturing, investment

The company plans to produce a new hydraulic fracturing system and a ‘land drilling system of the future.’

Contracts Europe

Topaz Energy and Marine has signed a long-term agreement with Reach Subsea on Nov. 8 under which Reach will charter the newbuild subsea vessel, Topaz Tiamat.

Shell Exploration and Production Mauritania B.V. on July 23 signed two production sharing contracts with the government of Mauritania for the exploration and potential future production of hydrocarbons in the offshore blocks C-10 and C-19.

Britain’s biggest labor union is balloting rig workers at three of Total’s (NYSE: TOT) North Sea oil platforms over a potential strike due to the company’s refusal to reduce the number of unpaid working days, the union said on June 20.

Shareholders in Israel’s Delek Drilling will vote next month on whether to approve a $200 million investment that will allow the company to export gas to Egypt via a subsea pipeline.

Subsea 7 SA has been awarded a contract by Shell (NYSE: RDS.A) for the Penguins Redevelopment Project, located approximately 150 miles north-east of the Shetland Islands, the company said on June 11.

Digital Europe

BHGE, Binu Mathew, artificial intelligence, oil and gas

Technologies must be domain specific with end-to-end workflows so they can be put to use, according to Binu Mathew, senior vice president and global head of digital products for ‎Baker Hughes, a GE company.

The development of intelligent energy solutions is moving at an ever-increasing rate.

Contract management software aims to improve operations and communication.

Downhole Europe

GCDT fits fully into Prysmian’s expansion strategy in subsea umbilicals, risers and flowlines and complements its product range. The portfolio of protectors will be enhanced, the company added.

Advances in subsea processing systems are moving the technology toward the point where a ‘subsea factory’ on the seabed by 2020 is nearing reality.

Equipment Europe

Oilfield equipment maker Schoeller-Bleckmann (SBO) announced a surge in second-quarter earnings on Aug. 23, putting it on course to return to a full-year net profit.

Pipeline operator says there is no timeline yet for repair of the Forties system, now under force majeure.

Transocean Ltd. plans to retire six of its cold-stacked rigs in an environmentally responsible manner.

Subsea 7 S.A. has signed a letter of intent with Royal IHC in the Netherlands for the construction of a new reel-lay vessel and associated pipe lay equipment.

The deal, which would be mostly paid for in shares and convertible bonds, would strengthen Transocean's position in offshore drilling as Songa is Statoil's largest drilling service provider.

Operations Europe

Equinor said it acquired more than 11 million shares in Oslo, Norway-based Scatec Solar.

Norway’s DNO has launched a bid to buy all of Faroe Petroleum in a deal worth around £607.9 million (US$779.81 million), sending shares in the London-listed company up by a quarter, Reuters reported on Nov. 26.

Oil and gas assets in the Permian Basin, the center of the U.S. shale industry, and on the Norwegian Continental Shelf are becoming too expensive, an executive of Norway's Equinor said.

British petrochemicals company Ineos is in exclusive talks with ConocoPhillips to buy North Sea oil and gas fields worth $3 billion, the Sunday Times newspaper reported.

Norway's Equinor boosted its ownership in solar energy producer Scatec Solar as oil and gas firms rush to invest in renewable energy to reduce their carbon footprint.

People Europe

BASF and LetterOne revealed on Nov. 6 their agreement to appoint Paul Smith as CFO and member of the management board of Wintershall DEA.

London-based oil and gas producer Neptune Energy named former Louis Dreyfus executive Armand Lumens as its CFO. Lumens left the commodities trader citing personal reasons.

Oil Minister Terje Soeviknes of the rightwing Progress Party was replaced by fellow party member Kjell-Boerge Freiberg, a former mayor of a town in the Arctic Lofoten archipelago.

Thierry Hochoa has been named CFO of Bourbon Corp. effective Aug.6.

The strike by 45 workers at the Alwyn, Elgin and Dunbar platforms in the North Sea began at 11:00 GMT. It followed a 24-hour stoppage at the same sites July 23 but stored crude cushioned against any immediate oil supply disruption.

Regulations Europe

Iran will continue to export oil despite U.S. sanctions, which Iranian President Hassan Rouhani said on Nov 19 are part of a psychological war doomed to failure. 

Britain has asked its climate change experts to advise on whether it should set a date to meet a net zero emissions target, the government said on Oct. 15.

Global energy bosses assembled in Moscow on Oct. 3 said the world needed Russian gas to keep the lights on, in a clear message to U.S. President Donald Trump who has warned he may impose sanctions on Russian gas export projects.

White House national security adviser John Bolton on Sept. 25 dismissed an EU plan for a special payments plan to circumvent U.S. sanctions against Iranian oil sales and pressed the SWIFT global payments messaging system to rethink dealing with Tehran.

A proliferation of extreme weather events around the world provides ample evidence that climate change is a reality, German Chancellor Angela Merkel said on Aug. 26, but she rejected calls for more ambitious climate protection goals.