Forum Energy Technologies, Inc. announced yesterday, December 3, that it has acquired Dynacon, Inc. (“Dynacon”). Details of the transaction were not disclosed.
Dynacon is the leading provider of launch and recovery systems (“LARS”) used for deployment of remotely operated vehicles (“ROVs”) and also manufactures high quality, specialized cable and umbilical handling equipment for all segments of the marine industry. Dynacon’s Bryan, TX location employs over 100 people and consists of 82,000 square feet of manufacturing and office space and 40,000 square feet of specialized test area located on sixteen acres.
Cris Gaut, Forum’s Chairman and Chief Executive Officer, commented, “Dynacon expands our Subsea Technologies capability and integrates an important part of the ROV supply chain. We plan to continue Dynacon’s long legacy of providing top quality systems to its customers, while investing in the company’s facility in Bryan to expand capacity. We welcome all of the employees of Dynacon to Forum.”
James Stasny, Dynacon’s President and Co-founder, commented, “We are pleased for Dynacon to become a part of Forum. Dynacon’s success has resulted from our employees’ hard work and their commitment to serving the needs of our customers with quality equipment. Forum recognizes the value of Dynacon’s operations and our management team, which will remain in place.”
- Forum Energy Technologies, Inc. Acquires Dynacon, Inc. (virtual-strategy.com)
Chevron Corporation announced that its wholly owned subsidiary Chevron Global Energy Inc. (Chevron) will be assigned a 50 percent working interest in Blocks 42 and 45 offshore Suriname through an agreement with Kosmos Energy.
Under the agreement, Kosmos will have a 50 percent working interest and remain operator of both blocks until the end of the exploration phase. Chevron will assume the remaining 50 percent working interest and will be the operator following any commercial discoveries.
“This agreement enables us to explore for new resources in this frontier basin,” said George Kirkland, vice chairman, Chevron Corporation. “These blocks are on trend with new deepwater Cretaceous discoveries in the region.”
Blocks 42 and 45 are located approximately 155 miles (250 kilometers) from Paramaribo and cover a combined area of approximately 2.8 million gross acres, at water depths ranging between 650 and 8,500 feet (200-2600 meters).
“We are very pleased to participate in Suriname’s emerging energy sector,” said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company. “These blocks will expand our exploration portfolio in Latin America.”
- USA: AGR Signs Two Agreements with Chevron (mb50.wordpress.com)
- Pacific Santa Ana Drillship Arrives in U.S. Gulf of Mexico to Work for Chevron (mb50.wordpress.com)
Vantage Drilling Company announced Friday that the Luxembourg branch of its wholly-owned subsidiary Vantage Drilling Poland Sp. z o.o. acquired and took delivery of the Titanium Explorer, a deepwater drillship formerly known as the Dragonquest.
The acquisition was accomplished under the previously announced Purchase Agreement (“Purchase Agreement”) with Valencia Drilling Corporation (“Valencia”), an affiliate of F3 Capital, Vantage’s largest shareholder, pursuant to which all of Valencia’s rights and obligations under the shipbuilding contract for the Titanium Explorer, together with related rig equipment, was purchased for an aggregate purchase price of $169.0 million. The purchase price under the Purchase Agreement and all remaining construction and startup costs for the Titanium Explorer in the amount of approximately $630.0 million were financed with the proceeds from the recent $775.0 million notes offering of Offshore Group Investment Limited, another wholly-owned subsidiary of Vantage. The notes were priced at 108% of par, resulting in total proceeds to the Company in excess of $820.0 million, net of offering fees and expenses.
The Titanium Explorer is a self-propelled, dynamically positioned drillship suited for drilling in remote locations because of its mobility and large load carrying capacity. It is currently equipped for drilling in water depths up to 10,000 feet, and is designed to drill in water depths up to 12,000 feet. Another Vantage subsidiary is party to an eight-year contract with Petrobras to operate the Titanium Explorer.
“We are extremely pleased to announce the completion of the acquisition of the Titanium Explorer. The newest addition to our fleet represents the culmination of nearly four years of effort as we have been involved in the Titanium Explorer project since its inception. We appreciate the support of F3 Capital in concluding these efforts and look forward to a successful commencement of operations in the US Gulf of Mexico with our customer,” said Paul Bragg, Chief Executive Officer of Vantage.
- USA: Vantage Drilling Buys Dragonquest Drillship (mb50.wordpress.com)
- USA: Vantage Drilling Reports Record Revenues (mb50.wordpress.com)
- Apache Hires Drillship for Ops Offshore Kenya (mb50.wordpress.com)
- Ensco in $645m drillship buy (mb50.wordpress.com)
- South Korea: Pacific Drilling Extends Option for its 7th Drillship (mb50.wordpress.com)
BP announced today that the Brazilian National Petroleum Agency (ANP) has approved its farm-in to four deepwater exploration and production concessions operated by Petróleo Brasileiro S.A. (Petrobras) in the Brazilian equatorial margin.
BP Energy do Brasil Ltda. is taking a 40 per cent interest in each of the blocks, located in the Barreirinhas and Ceará basins, from Petrobras.
The move will give BP access to four new concession blocks in Brazil: BM-BAR-3 and BM-BAR-5 in the Barreirinhas basin, and BM-CE-1 and BM-CE-2 in the Ceará basin. Together the blocks cover a total area of 2,113 square kilometres.
“BP is building on our strengths in exploration and the deepwater and these four new blocks bring exciting new exploration opportunities, adding to the already significant position we hold in Brazil,” said Bob Dudley, BP group chief executive. “I am pleased that this also deepens our strong relationship with Petrobras, one of the world’s leading deepwater operators.”
Guillermo Quintero, BP Brazil President added: “Over the past year, in addition to acquiring ten upstream concessions from Devon Energy in May, we have made major investments in biofuels and expanded our aviation business in Brazil. I am delighted with this continued growth of our presence in Brazil.”
Following the farm-in, BP will hold concessions in 14 blocks in Brazil, operating six. BP will be a partner with Petrobras in nine of these concession areas: the Xerelete field, BM-C-34 and BM-C-35 (in the Campos basin); BT-PN-2 and BT-PN-3 (in the Parnaíba basin); BM-BAR-3 and BM-BAR-5 (in the Barreirinhas basin) and BM-CE-1 and BM-CE-2 (in Ceará basin).
- Petrobras Discovers Oil at Tucura Well, Campos Basin, Offshore Brazil (mb50.wordpress.com)
- BP Gains Access to 5 More Deepwater Blocks Off Angola (mb50.wordpress.com)
- Brazil: Petrobras Agrees Contracts for 26 Drilling Rigs (mb50.wordpress.com)
- BP Hires PSV ‘Sea Brasil’ (mb50.wordpress.com)
- Petrobras: Production Starts at Cascade Field (USA) (mb50.wordpress.com)
Rialto Energy Limited reports that a block‐wide, full‐fold 3D seismic survey covering 891km2 has been completed over Block CI‐202 (Rialto 85% and Operator) with Dubai-based contractor Polarcus DMCC.
Processing and interpretation of the newly acquired data will commence shortly and will provide Rialto with a full suite of 3D data over the entirety of Block CI‐202.
This will allow Rialto to further refine existing interpretation and mapping of the exploration potential within Block CI‐202 through better definition and mapping of the multiple prospects and leads already identified. Further, this work will provide an even greater understanding of the 5 existing discoveries and culminate in better definition of these existing resources.
Block CI‐202, offshore Côte d’Ivoire comprises an area of 675km2 and contains four significant underappraised oil and gas discoveries; Gazelle, Hippo‐1, Bubale, and Addax, all located in water depths of 50 to 100 metres. These discoveries are assessed to have mean contingent resources totalling 50 mmbbls of liquids and 396 Bcf of gas. Rialto is moving to develop and commercialise the Gazelle field later this year. In addition to the development opportunities which exist within CI‐202, the Company has identified an exciting inventory of exploration prospects and leads which will be the subject of future drilling.
- Rialto Gets USD 20 Million Boost for Drilling Program Offshore Ivory Coast
- Ivory Coast: Fast Track for Gazelle
- Peru: Gold Oil Receives Encouraging Seismic Results. Farm Out Scheduled for February 2012
- Ivory Coast: Rialto, Petroci Submit Gazelle Field Development Plan
- Morocco: Tangiers Excited about Tarfaya Block Potential
- Polarcus Nadia Set for West Africa Work (mb50.wordpress.com)
- Polarcus Alima: First Seismic Vessel to Pass along Northern Sea Route (mb50.wordpress.com)
NZOG (New Zealand Oil & Gas Ltd) has executed an agreement to take a 40% stake in a Tunisian concession that contains an oil field which could be brought into production as early as 2014. The Cosmos Concession in the Gulf of Hammamet, offshore Tunisia, contains the Cosmos South oil discovery. The concession was held by a joint venture comprising Storm Ventures International (80% and Operator) and Tunisia’s state-owned oil company L’Enterprise Tunisienne d’Activites Petrolieres (ETAP) (20%).
Storm is a wholly owned subsidiary of Toronto exchange-listed Chinook Energy Inc, and will reduce its share of the concession to 40% under the farm-in agreement.
A formal signing of the agreement by NZOG and Storm has been completed in Tunis.
Under the terms of the farm-in agreement, NZOG is paying a US$3m contribution to past costs, securing the right to participate and earn an interest in the development of the Cosmos concession.
A development plan is in preparation. If the development is approved through a Final Investment Decision (FID), NZOG will pay the first US$19m of Storm’s share of the development costs.
Independently evaluated proved and probable oil reserves of 6.3 million barrels have been attributed to the Cosmos South block, with additional potential from adjacent lobes. Further work on assessing the recoverable oil resource will take place ahead of FID.
The development plan is currently based on three wells, a small platform and a floating production and storage offtake vessel (“FPSO”), with initial production rates of 15,000-20,000 barrels of oil per day.
The partners intend to decide on FID in mid-2012. If the project proceeds, first oil production is anticipated in mid-2014.
NZOG CEO Andrew Knight says Cosmos is a good fit for NZOG.
“NZOG’s initial cost exposure is relatively small. If the numbers stack up we will commit to the Final Investment Decision and will be able to comfortably fund the capital commitment from our balance sheet. This is a near term, low risk development opportunity, with both production upside and exploration potential. This is a promising step forward in the expansion of our overseas interests.”