Daily Archives: February 7, 2013
Helix Energy Solutions Group, Inc. has closed the previously announced sale of Energy Resource Technology GOM, Inc. (ERT), the Company’s oil and gas subsidiary, to Talos Production LLC, a wholly owned subsidiary of Talos Energy LLC, a privately held Houston-based oil and gas company.
Proceeds from the transaction were approximately $620 million in cash, as well as overriding royalty interests in ERT’s successful Wang discovery and certain exploration prospects. Jeffries & Company, Inc. served as the exclusive financial advisor to Helix in conjunction with the transaction.
A portion of the cash proceeds from the sale of ERT will be used to repay the Company’s term loans and revolving credit facility indebtedness as required by the governing credit agreement.
Owen Kratz, President and Chief Executive Officer of Helix, stated that “the sale of ERT is an important milestone in the Company’s previously announced strategic plans to grow its Well Intervention and Robotics businesses.”
- Talos Buys Energy Resource Technology (pehub.com)
- Helix Energy (HLX) to Divest Energy Resource Tech in ~$700M Deal (streetinsider.com)
- Helix Energy sells oil and gas subsidiary to Talos (bizjournals.com)
In response to the U.S. Coast Guard’s demanding Offshore Patrol Cutter requirements, Vigor Industrial looked beyond the conventional. With the Ulstein X-BOW®, Vigor delivers unmatched seakeeping and endurance in a capable offshore workhorse.
- Ulstein Bridge Vision Best Business Idea in West Norway (VIDEO) (worldmaritimenews.com)
- PHOTO UPDATE: Coast Guard cutter returns to homeport following $55 million drug bust (uscgnews.com)
- Coast Guard rescue crews respond to boat fire with 8 people aboard offshore Nantucket, Mass. (video available) (uscgnews.com)
- Bourbon Offshore Norway Receives New Ulstein Design PSV (worldmaritimenews.com)
Expert witnesses testifying during Tuesday’s House Energy and Commerce Committee’s Subcommittee on Energy and Power hearing agreed that the United States has plentiful supplies of natural gas, underscoring the ability and need to expand domestic use and move forward with exporting liquefied natural gas (LNG).
Here’s what they had to say:
Daniel Yergin, IHS: “While markets and economics will eventually determine the realistic scale of U.S. exports, one also has to take into account wider considerations in assessing policy regarding future LNG exports. For decades, the United States has made the free flow of energy supplies one of the cornerstones of foreign policy. It is a principle we have urged on many other nations. How can the United States, on one hand, say to a close ally like Japan, suffering energy shortages from Fukushima, please reduce your oil imports from Iran, and yet turn around and, on the other, say new natural gas exports to Japan are prohibited?”
Adam Sieminski, Energy Information Administration (EIA): “Cumulative production of dry natural gas from 2011 through 2035 in the AEO2013 Reference case is about 8 percent higher than in AEO2012, primarily reflecting continued increases in shale gas production that result from the dual application of horizontal drilling and hydraulic fracturing.”
Mary Hutzler, Institute for Energy Research and former energy analyst at EIA : “The outlook for natural gas production in the United States has dramatically changed over the last decade. Just a few years ago, U.S. manufacturing facilities were moving abroad to pursue more affordable gas. At the time, the U.S. had relatively high natural gas prices. Now … energy companies are considering building liquefied natural gas terminals to export natural gas and new manufacturing plants are springing up around the country. The boom in natural gas production has completely changed the natural gas landscape and has greatly lowered natural gas prices for consumers and industrial users.”
- Japan’s TEPCO gears up for US shale gas imports (utsandiego.com)
- Canada gives OK to LNG exports (upi.com)
- US Department of Energy Grants Pangea LNG Export Authorization [REPORT] (gcaptain.com)