Oilfield Services

Drillers Cabin on a Patterson-UTI rig.our Rig 222. The Houston drilling rig operator retired 36 older rigs during the third quarter amid weaker demand from shale fields across the United States and Canada.

Shale Slump: Patterson-UTI pulls 36 rigs from service

Houston Chronicle Houston drilling rig operator Patterson-UTI Energy is retiring 36 older rigs amid weaker demand from shale fields across the United States and Canada. In a Thursday morning statement, the company reported a $262 million loss on $599 million of revenue. The figures were down compared to the $75 million loss on $868 million of revenue during the third quarter of 2018. Patterson-UTI attributed $173 million of this quarter’s $262 million loss to impairment charges related to retiring 36 older drilling rigs, which the company believed would not be likely to be used at rates and terms that would justify their reactivation. “Given current market conditions and our customer strong preference for super-spec rigs, we believe these rigs have limited commercial opportunity going forward,” Patterson-UTI CEO William “Andy” Hendricks said during a Thursday morning investors call. Patterson-UTI’s hydraulic fracturing business also saw a decline in revenue, going from $422[Read More…]

October 25, 2019 - 8:30 am Closing Bell Story, Oilfield Services
Source: patenergy.com

Patterson-UTI cost cuts help it post smaller-than-expected loss

Source: Reuters (Reuters) – Oilfield services firm Patterson-UTI reported a smaller-than-expected loss on Thursday, as cost cuts helped it limit the impact of an ongoing decline in North American shale activity. An investor push toward higher returns instead of growth amid weak oil prices has prompted U.S. shale producers to reduce spending, forcing rig providers to lower costs in the face of weak demand. The Houston, Texas-based company’s direct operating costs fell 28.5% in the quarter. It also lowered its full-year capital spending forecast to $350 million from previous projection of $400 million. Patterson-UTI’s move comes after bigger rival Halliburton Co promised more cost cuts after reporting a bigger-than-expected drop in quarterly revenue earlier this week due to dwindling demand from oil and gas producers. The shale slowdown across North America more than halved Patterson-UTI’s revenues and margins in the pressure pumping business, with the company warning that activity is[Read More…]

Source: Houston Chronicle

Troubled oil field service company McDermott lands $1.7 billion in new financing

Houston Chronicle Roughly a month after its stock plummeted in value by 75 percent, Houston oil field service company McDermott International has landed $1.7 billion in new capital. In a Monday morning filing with the U.S. Securities and Exchange, McDermott entered into a credit deal with Barclays Bank, Crédit Agricole Corporate and Investment Bank and five other financial institutions. Under the deal, McDermott immediately gained access to $650 million in cash and credit while the remaining funds will be disbursed in three more tranches scheduled to take place between Nov. 30 and March31, 2020. “This new credit agreement is a continued signal from our lenders that they support McDermott, our underlying business, growth strategy and ability to achieve a long-term balance sheet solution,” McDermott CEO David Dickson said in a statement. “The agreement provides near-term liquidity for the company to manage working capital and provide performance guarantees on expected new[Read More…]

Source: Houston Chronicle/ Jon Shapley

Drilling Down: Houston company makes big push in Spraberry play

Houston Chronicle Houston oil company Birch Resources is planning a big push in the Permian Basin’s prolific Spraberry field. The company is seeking permission from the Railroad Commission of Texas to develop 19 horizontal wells targeting the Spraberry at total depths ranging from 7,600 to 9,1000 feet. The project is located on the company’s Big Jay leases about 7 miles southeast of Lenorah i Martin County. Birch has filed for 74 drilling permits so far this year. All of them have targeted the Spraberry field in either Howard or Martin counties. The company’s 162 leases produced 712,000 barrels of crude oil and nearly 2.9 billion cubic feet of natural gas in 2018. Birch mostly names its leases after college sports mascots or wrestling stars. Big Jay is a reference to the University of Kansas mascot while the company’s Mike the Tiger leases are a nod to Louisiana State University. Other leases names[Read More…]

FILE PHOTO: Oil production equipment is seen in a Halliburton yard in Williston, North Dakota, U.S., April 30, 2016. REUTERS/Andrew Cullen/File Photo

Halliburton vows more cost cuts as shale demand dwindles, shares rise

Reuters: Halliburton Co on Monday promised more cost cuts after reporting a bigger-than-expected drop in quarterly revenue as the oilfield services looks to counter weak demand from North American shale producers, sending its shares up about 7%. The biggest hydraulic fracking services provider, which earlier this month cut 650 jobs in North America, said it would take steps over the next few quarters that will lead to $300 million in annualized cost savings. Oilfield service providers are struggling with reduced spending by oil and gas producers as investors push for higher buybacks and dividends rather than growth in a weak oil price environment. Larger rival Schlumberger NV said on Friday it had recorded a $1.58 billion goodwill impairment charge related to its pressure pumping business in North America. “HAL is taking costs out more aggressively than the Street forecast, which it expects to lead to strong Q4 operating margin improvement[Read More…]

October 21, 2019 - 8:53 am Closing Bell Story, Oilfield Services
Photo: Mayra Beltran

Schlumberger posts $11.4 billion loss amid hefty pretax charges

Source: Houston Chronicle The world’s largest oil field service company beat Wall Street expectations on revenue but got stung by pretax charges that resulted in a multibillion loss for stockholders during the third quarter. Schlumberger reported a $11.4 billion loss on $8.54 billion of revenue during the third quarter, which translated into a loss per share of $8.22 for common stockholders. The figures were mixed compared to Wall Street expectations of $8.5 billion in revenue and earnings per share of 40 cents. The company’s third quarter figures were mixed compared to the $659 million of net income, $8 billion of revenue and earnings per share of 47 cents during the third quarter of 2018. Schlumberger attributed the third quarter loss to $12.7 billion of pretax charges for the impairment of goodwill, intangible assets and fixed assets. Out of those figures, $8.8 billion were attributed to company-wide goodwill charges while another[Read More…]

October 18, 2019 - 7:30 am Closing Bell Story, Company Earnings, Oilfield Services
Photo: Steve Gonzales, Staff

Halliburton lays off 650 employees in four western states

Houston Chronicle Houston oilfield service giant Halliburton has laid off 650 employees in four western states from New Mexico to North Dakota. In a notice filed on Monday with the Colorado Department of Labor and Employment, Halliburton reported that the company laid 178 workers from its Grand Junction, Colo. office. Company officials attributed the layoffs to “local market conditions.” The layoffs come amid a slump in crude oil prices that have resulted in less drilling and hydraulic fracturing activity. “Making this decision was not easy, nor taken lightly, but unfortunately it was necessary as we work to align our operations to reduced customer activity,” the company said in a statement. Halliburton officials confirmed that the Grand Junction layoffs were among 650 people laid off in Colorado, New Mexico, North Dakota and Wyoming. The majority of those employees were given the option to relocate to other offices where more activity is[Read More…]

October 9, 2019 - 3:21 pm Closing Bell Story, Economy, Oilfield Services
Photo: Eddie Seal

Weatherford lands three contracts in Iraq

Source: Houston Chronicle Struggling oilfield service company Weatherford International has landed three contracts in the oil fields of Iraq. In a statement released Tuesday afternoon, Weartherford reported that the company has been awarded a pair of two-year drilling rig contracts and a five-year oil well service contract in the Middle Eastern nation. Financial terms were not disclosed and the customer’s name was not disclosed but Weatherford described the client as a “multinational operator in one of the world’s largest proven oil fields located in Iraq.” In a statement, Weatherford President of the Eastern Hemisphere Frederico Justus said the company has been in Iraq since 2006 — longer than any other multinational oilfield services provider. “During that time, Weatherford proved to operators in Iraq that its capabilities across the life of the well reduce costs, enhance safety and maximize production efficiency,” Justus said. “This experience gave the operator confidence in our[Read More…]

October 9, 2019 - 11:30 am Closing Bell Story, International, Oilfield Services
Pierre Bechelany (center), Fluor's president of Pipelines & LNG, signs contract. (Photo: Business Wire)

Fluor, JGC and Technip to work Rovuma LNG Project in Mozambique

Fluor Corporation (NYSE: FLR) announced today that a consortium of Fluor, JGC Corporation of Japan and TechnipFMC of France was awarded an engineering, procurement and construction contract by Mozambique Rovuma Venture S.p.A. (MRV) for its Mozambique Rovuma Liquefied Natural Gas (LNG) Phase 1 Project in Cabo Delgado, Mozambique with an immediate release of a limited notice-to-proceed. Fluor will book its portion of this work in the fourth quarter of 2019. “Fluor is pleased to have been selected for this strategic development and to partner with a team that combines considerable LNG expertise and design build capabilities on the African continent,” said Mark Fields, group president of Fluor’s Energy & Chemicals business. “We worked closely to develop the project model that builds upon each party’s strengths and capabilities to partner with MRV to advance this landmark project in a safe, secure and sustainable manner creating new opportunities for Mozambique and its[Read More…]

Independent again: Baker Hughes rolls out new look

Independent again: Baker Hughes rolls out new look

Source: Houston Chronicle Baker Hughes rolled out its new look Tuesday to mark its independence after more than two years of majority ownership by the industrial conglomerate General Electric Co. The Houston oilfield service company is dropping the GE logo and exchanging its former blue letters for dark green ones. Two arrows merged into a geometrical shape known as a mobius represent the July 2017 merger of Baker Hughes and GE Oil & Gas into a single company that earned $22.8 billion of revenue in 2018 by making equipment and software for drilling, extracting, moving, processing and refining oil and natural gas. Pointed forward, the merged arrows are shaded in green — a nod to the company’s 2050 net-zero carbon goal and technology designed for customers to reduce their emissions. Baker Hughes CEO Lorenzo Simonelli said the global energy industry is in the middle of a transition to cleaner sources[Read More…]

October 8, 2019 - 1:15 pm Closing Bell Story, Oilfield Services
Executive Leadership announced for C&J Energy Services and Keane

Executive Leadership announced for C&J Energy Services and Keane

C&J Energy Services (“C&J”) (NYSE: CJ) and Keane Group, Inc. (“Keane”) (NYSE: FRAC) today announced the future executive leadership team of the combined company effective upon completing their pending merger of equals. “This announcement is another important step forward in merging our highly complementary businesses to create one of the largest U.S. well completion services companies,” said Robert Drummond, the designated Chief Executive Officer of the combined company. “This executive leadership team reflects the strengths of both Keane and C&J and possesses the qualities, skills and experience that will help drive our successful future together. As individuals, each executive has exemplary industry expertise, and collectively, they will form the most capable team in oilfield services as we join our resources, talents and strengths to deliver the highest level of customer service and generate leading long-term value for shareholders.” The previously announced leadership appointments are: Patrick Murray, Chair of the Board of[Read More…]

October 3, 2019 - 8:58 am Closing Bell Story, Oilfield Services, People
FILE PHOTO: A wall with the carved phrase that reads "Superior Council of the Judiciary, Council of State" is seen on the facade of the Palace of Justice in Bogota, Colombia September 10, 2019. REUTERS/Luisa Gonzalez

Four Colombia fracking projects could bring $5 billion in annual investment

Source: Reuters Four fracking pilot projects in Colombia could bring in $5 billion annually in investment once they are in the production phase, industry leaders said on Tuesday, as the country awaits regulation that will allow the projects to begin. The potential use of fracking in the Andean country has sparked impassioned debate, with environmental groups saying it could damage water supplies and cause earthquakes, while supporters say it is a key to energy self-sufficiency. The top administrative court, the Council of State, is hearing a case on whether hydraulic fracturing, which breaks up rock formations with pressurized liquid, should be allowed but it has said pilot projects recommended by an expert commission can go ahead. Four pilot projects — one run by coal company Drummond [DRMND.UL] and the others by oil companies Ecopetrol, Exxon Mobil and Conoco Phillips — will generate billions of dollars in investment over the next[Read More…]

September 24, 2019 - 12:45 pm Closing Bell Story, Crude Oil News, International, Oilfield Services
Source: Houston Chronicle

Fluor to sell off $1 billion in assets as engineering firm refocuses on energy projects

Source: Houston Chronicle Irving engineering, procurement and construction Fluor plans to sell off $1 billion in assets as the company refocuses on energy sector projects. During a Tuesday morning investors call, Fluor CEO Carlos Hernandez said the company is selling off its government services and construction equipment rental divisions as well as surplus real estate and non-core investments. To counter recent losses, Hernandez said the company expects to generate $1 billion of cash from the sales as it refocuses on energy, mining and chemicals projects. The company has designed and built several refineries and petrochemical plants for Dow, LyondellBasell, Marathon Petroleum, Total and Sasol in the Houston area and Louisiana. “The strategic direction we are pursuing as a result of this process builds upon Fluor’s premier competitive position in our core markets in which we expect to deliver sustainable growth, strong cash flow and attractive returns to investors,” Hernandez said[Read More…]

September 24, 2019 - 11:45 am Closing Bell Story, Crude Oil News, Oilfield Services
Source: Houston Chronicle

Weatherford moves forward with bankruptcy proceedings in Ireland

Source: Houston Chronicle Oilfield service company Weatherford International moved forward with the second phase of its bankruptcy proceedings — filing in Ireland. The company, which is incorporated in Ireland but has a large presence in Houston, filed for a type of bankruptcy protection known as a “scheme of arrangement” before an Irish court on Monday. Under Irish law, the filing triggers a 100-day protection period from creditors while a judge reviews the company’s reorganization plan. In a filing with the U.S. Securities and Exchange Commission, Weatherford stated that the company will continue normal operations while the Irish case remains pending. The company stated in the filing that it expects the scheme of arrangement in Ireland to mirror an approved Chapter 11 bankruptcy plan filed in the United States. A bankruptcy judge in Houston issued a Sept. 11 order accepting Weatherford’s  Chapter 11 reorganization plan in the United States. The U.S.[Read More…]

September 24, 2019 - 10:05 am Closing Bell Story, Energy News, International, Oilfield Services
McDermott to Explore Strategic Alternatives for Lummus Technology

McDermott to Explore Strategic Alternatives for Lummus Technology

Company recently received unsolicited approaches for Lummus Technology with valuation exceeding $2.5 billion McDermott International, Inc. (NYSE: MDR) today announced it recently received unsolicited approaches to acquire all or part of Lummus Technology, McDermott’s industry-leading technology business, with valuation exceeding $2.5 billion. Based on the receipt of these approaches, McDermott is exploring strategic alternatives to unlock the value of Lummus Technology while maintaining the strategic rationale of engineering, procurement and construction (EPC) pull-through. McDermott’s Lummus Technology is a leading licensor of proprietary petrochemicals, refining, gasification and gas processing technologies, and a supplier of proprietary catalysts and related engineering. With a heritage spanning more than 100 years, encompassing approximately 3,100 patents and patent applications, Lummus Technology provides one of the industry’s most diversified technology portfolios to the hydrocarbon processing sector. “Lummus is an excellent business, with incredibly impressive employees, that has earned a reputation for expertise, innovation and reliability in the[Read More…]

September 20, 2019 - 10:15 am Closing Bell Story, Crude Oil News, Oilfield Services
Permian ‘child’ wells may cut oil recovery up to 20%, bank says

Permian ‘child’ wells may cut oil recovery up to 20%, bank says

Source: Bloomberg Oil producers drilling so-called parent-child wells in the Permian Basin are risking the loss of 15% to 20% of the crude that can ultimately be recovered from those wells by spacing them too close together, according to a Houston-based investment bank. The analysis from Houston-based investment bank Tudor, Pickering, Holt & Co. — contained in a 61-page presentation seen by Bloomberg — is the latest salvo in the debate on the spacing of fracked wells in the Permian, the most prolific oil patch in the U.S. When drilled too close to the initial “parent” well, output from a “child” can be much less prolific. But producers risk leaving oil in the ground if the spacing is excessive.  In much of the Permian, a region that stretches across West Texas and New Mexico, the amount of oil that can be recovered from child wells is on average about 20% to[Read More…]

September 20, 2019 - 9:23 am Closing Bell Story, Crude Oil News, Oilfield Services
Source: Houston Chronicle

Weatherford lands five-year equipment deal with Saudi Aramco

Source: Houston Chronicle Saudi Aramco has awarded a five-year equipment contract to struggling oilfield service company Weatherford International. The two companies announced the deal on Tuesday afternoon. Financial terms were not disclosed but Weatherford described the deal as a five-year corporate procurement agreement to deliver cementation, completions, liners, solid expandables and casing exit technologies to Saudi Aramco. In a statement, Weatherford Vice President of Saudi Arabia Jim Hollingsworth said deal would boost crude oil production for Saudi Aramco while saving rig time and associated costs. “This agreement sets the stage for future collaboration and will unlock both game-changing technology and tremendous value,” Hollingsworth said. “Weatherford is excited to work with Saudi Aramco now and long into the future to lead in technology innovation and development.” The contract with Saudi Aramco comes more than two months after Weatherford filed for Chapter 11 bankruptcy in Houston. U.S. Bankruptcy Judge David Jones issued[Read More…]

September 18, 2019 - 9:35 am Closing Bell Story, International, Oilfield Services
Source: The Houston Chronicle

Baker Hughes to change name, stock ticker symbol

Source: Houston Chronicle Houston oilfield service company Baker Hughes is dropping “a GE Company” from its name and changing its stock ticker symbol. Baker Hughes made the announcement on Monday after its parent company General Electric closed $3.3 billion in stock sales that reduced its ownership of the oilfield service company to 36.8 percent. Formally known as Baker Hughes, a GE Company, the oilfield equipment manufacturer and service provider will be renamed as the Baker Hughes Co. Currently traded on the New York Stock Exchange under the stock ticker symbol BHGE, the Baker Hughes Co. will trade under the symbol BKR. Over the past year and a half, Baker Hughes CEO Lorenzo Simonelli has publicly stated multiple times that there will be no changes to the company’s day-to-day operations after General Electric divests its ownership stake. In advance of that divestment, General Electric and Baker Hughes enacted a series of technology-sharing[Read More…]

September 17, 2019 - 2:44 pm Closing Bell Story, Oilfield Services
Source Reuters

Low-cost fracking offers boon to oil producers, headaches for suppliers

From Reuters At a dusty drilling site east of San Antonio, shale producer EOG Resources Inc recently completed its latest well using a new technology developed by a small services firm that promises to slash the cost of each by $200,000. The technology, called electric fracking and powered by natural gas from EOG’s own wells instead of costly diesel fuel, shows how shale producers keep finding new ways to cut costs in the face of pressures to improve their returns. E-frac, as the new technology is called, is being adopted by EOG, Royal Dutch Shell Plc, Exxon Mobil Corp and others because of its potential to lower costs, reduce air pollution and operate much quieter than conventional diesel-powered frac fleets. Investment bank Tudor, Pickering Holt & Co analyst George O’Leary estimates e-fracs could lop off up to $350,000 from the cost of shale wells that run $6 million to $8[Read More…]

September 12, 2019 - 12:46 pm Closing Bell Story, Fracing, Oilfield Services
Source: The Houston Chronicle

Baker Hughes to become independent again in stock sale

From The Houston Chronicle Houston oilfield service giant Baker Hughes is poised to become an independent company again. Boston industrial conglomerate General Electric will lose its majority ownership of Baker Hughes in a planned stock sale that could be worth more than $2.5 billion. The two companies announced the sale in a Tuesday afternoon statement. General Electric said it plans to sell 105 million of its shares of Baker Hughes common stock, meaning it will no longer be a majority owner. At current prices around $24 per share, the sale could be worth more than $2.5  billion. At the same time, Baker Hughes is buying $250 million of its own Class B stock from General Electric. Once closed, the transactions are expected to trigger a series of events. As a majority owner of Baker Hughes, General Electric is able to appoint five members to the oilfield service company’s nine-member board of[Read More…]

September 11, 2019 - 10:51 am Capital Markets, Finance, Oilfield Services
Source Data Gumbo

Oil and gas majors sign deal to implement blockchain in Bakken oilfield

From Reuters A group of oil and gas companies has agreed to begin testing blockchain, a technology at the heart of digital currencies, in a bid to lower administrative costs in their field operations while also reducing payment disputes and chances for fraud. The OOC Oil & Gas Blockchain Consortium, whose members include Chevron Corp, ConocoPhillips, Exxon Mobil Corp, Equinor and Royal Dutch Shell, among others, has awarded a contract to Data Gumbo to pilot the technology for water handling services in the Bakken shale field in North Dakota. Blockchain, a technology that underpins bitcoin and other digital currencies, is a distributed ledger that can make and verify transactions on a network in real time, offering the potential to cut costs and lower the risk of fraud. In the pilot, Data Gumbo’s blockchain technology will be used to automate payments, which are typically handled manually and through third-party reporting that[Read More…]

September 10, 2019 - 12:10 pm Analytics, Closing Bell Story, Oilfield Services
Source Reuters

Drilling Down: Denver saltwater disposal well operator makes Permian Basin push

From The Houston Chronicle Water remains a big issue in the arid Permian Basin of West Texas where for every barrel of oil produced, another four to 10 barrels of saltwater — the remnants of an ancient inland sea — come out of the ground. Over the past week, six companies filed 20 drilling permits to develop saltwater disposal, or injection, wells in the West Texas shale play. Denver oilfield water company Felix Water led the pack by seeking permission to drill 13 injection wells on its Pbar SWD lease in Loving County. Occidental Petroleum-owned APC Water Holdingsis seeking to develop another three saltwater disposal wells in Reeves County. The remaining four injection well permits were filed by Midland-based APR Operating, Houston-based Crimson Exploration and Midland-based Double Drop SWD. Permian Basin Chinese-owned Surge Energy is preparing for nine horizontal drilling projects in West Texas. Spread out on three leases near the towns of Vealmoore and Knott,[Read More…]

Exclusive Interview: Jack Greer, Chief Operating Officer of JCA Companies

Exclusive Interview: Jack Greer, Chief Operating Officer of JCA Companies

JCA Companies’ COO, Jack Greer was interviewed by EnerCom’s Angie Austin at The Oil & Gas Conference® 2019. JCA Companies and its three subsidiary companies, which are headquartered in Wyoming, are focused on innovation and improving safety in the oil and gas industry. C-MOR Energy Services, Cascade, and Titan Casing provide innovative equipment, along with exceptional service. JCA Companies patent-pending products and specialized services are utilized on oil and gas locations in every major oil place in the U.S. Its patent-pending Crown Jewel Lighting System and Mobile Light Towers are used by some of the world’s largest operators and drilling contractors to improve safety on their locations.   JCA specialties and integrated services include developing innovate products that increase safety while reducing operating costs. JCA Companies offers oilfield construction, welding, casing, pick up and laydown services, clean and drift, equipment rentals, site lighting, logistics brokering and equipment hauling.  Click for more[Read More…]

Source: Reuters

Halliburton CEO sees consolidation in oilfield services as shale matures

From Reuters Slowing growth in the maturing U.S. shale industry and spending cuts by oil and gas customers will lead to a consolidation of oilfield-service suppliers, Halliburton Chief Executive Officer Jeff Miller told investors on Wednesday. The largest U.S. supplier of fracking services to oil and gas producers expects its third-quarter results will be at the low end of its earlier forecasts as activity slows. The company also plans to reduce its 2020 capital spending, Miller said at the Barclays CEO Energy-Power Conference in New York. North American spending growth on oil and gas production will slow to a 2% this year, according to a Barclays survey released this week, down from a January estimate of a 9% gain. Analysts for the bank expect spending in the second half of the year to be 15% below the first half. Independent pressure pumper Liberty Oilfield Services also pointed to slowing hydraulic[Read More…]

September 4, 2019 - 5:15 pm Closing Bell Story, Crude Oil News, Energy News, Oilfield Services
Source: SitePro

How do Oil & Gas Companies Reach Cash Flow Nirvana?

Compiled by Tyler Jones, Oil & Gas 360 Oil and gas companies are leveraging Machine Learning and Artificial Intelligence to reduce cost and improve returns. The timeline on which investors in the oil and gas space expect a return on their investment has changed. Over the course of the last five years, capital providers increasingly pushed for companies to show greater financial discipline and faster returns. The result is a more efficient industry leveraging technology in pursuit of a free cash flow positive production model. The push from investors has become so strong even large international exploration and production companies are investing in new technology to improve operations. “We will reach a 7% reduction in production costs thanks to: advanced algorithms to ensure reduced asset downtime and higher production rates; and, predictive analysis systems, based on big data, which allow us to optimize maintenance, logistics and well operating costs,” said[Read More…]

Source: Data Gumbo

Verisk to Acquire Genscape

By Tyler Losier, Energy Reporter, Oil & Gas 360 Genscape will become a part of Verisk subsidiary Wood Mackenzie Verisk (stock ticker: VRSK), a data analytics provider headquartered in New Jersey, has signed a definitive agreement to acquire Genscape, a provider of real-time data for commodity markets, from Daily Mail and General Trust (DMGT) for $364 million in cash. As a result of the transaction, Genscape will become a part of Verisk subsidiary Wood Mackenzie, which focuses on research and consultancy across various natural resource sectors. Currently, Genscape operates a private network of in-field monitors, in addition to distributing alternative energy data and delivering market intelligence to companies dealing in oil, … Login or click here to subscribe Username or E-mail Password Remember Me     Forgot Password

Courtesy of Enbridge

Oil Services Firm TechnipFMC to Split Into Two Publicly Traded Companies

From Reuters Franco-American oil services firm TechnipFMC Plc (FTI.N) said on Monday it would spin off its engineering and construction operations into a separate company, leaving it as a technology-focused equipment supplier to oil and gas companies. TechnipFMC, which had a market capitalization of $10.31 billion, said the new Paris-based company will deal with onshore and offshore oil and gas projects. The split is expected to be final in the first half of 2020. The spin-off comes nearly three years after Technip merged with rival FMC Technologies, creating a leading London-based offshore services company with combined revenue of $20 billion. That deal closed near the nadir of an oil-price crash, when U.S. crude futures fell to about $26 a barrel and prompted cutbacks in spending on new offshore oil and gas development projects. Shares of TechnipFMC rose more than 6% before paring gains to 4.3% shortly before the close. Company[Read More…]

Enerflex Appoints New CFO, General Counsel

Enerflex Appoints New CFO, General Counsel

By Tyler Losier, Energy Reporter, Oil & Gas 360 Enerflex names Sanjay Bishnoi as senior vice president and CFO, David Izett as senior vice president and general counsel Enerflex Ltd. (stock ticker: ENRFF), a Calgary-based oilfield service company, has appointed Sanjay Bishnoi as senior vice president and chief financial officer, and David H. Izett as senior vice president and general counsel, effective September 9, 2019. Bishnoi, a proven CFO with more than 20 years of financial leadership experience in the energy and professional services sectors, will be responsible for leading Enerflex’s finance, treasury, corporate development, capital markets, enterprise risk management, internal audit and investor relations functions. I… Login or click here to subscribe

Paal Kibsgaard (source: Schlumberger Limited)

Former Schlumberger CEO Recommended for Chairman Role at Borr Drilling

By Tyler Losier, Energy Reporter, Oil & Gas 360 Borr Drilling board of directors recommends appointment of Paal Kibsgaard as chairman The board of directors for Borr Drilling Limited (stock ticker: BORR), an international drilling contractor based out of Bermuda, has recommended former Schlumberger (stock ticker: SLB) CEO Paal Kibsgaard be appointed as the company’s new chairman, following a unanimous decision from the nominating committee. The election will take place at Borr’s annual general meeting, to be held on September 27, 2019. Kibsgaard will replace Fredrik Halvorsen as a member of the board, who will be resigning as a director effective September 1, 2019. Tor Olav Troim will continue to serve as the company’s vic… Login or click here to subscribe

Source: Ashtead Technology

Forum Energy Technologies Sells Ashtead Technology

By Tyler Losier, Energy Reporter, Oil & Gas 360 Forum Energy Technologies to sell its aggregate 40% interest in Ashtead Technology for $39 million Forum Energy Technologies Inc. (stock ticker: FET), a global oilfield products company, has entered into a definitive agreement through its subsidiaries to sell an aggregate 40% interest in Ashtead Technology, a subsea rentals company, to majority interest-owner Buckthorn Partners and other investors. Total consideration for Forum’s stake, as well as a 3 million British pound sterling (GBP) loan provided to Ashtead by Forum, will be $47.8 million. At close, Forum will receive approximately $39 million in cash proceeds, in addition to a new, approximately GBP 7 million loan with thr… Login or click here to subscribe