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Fugro Wins Offshore Survey Contract in Mexico

 

Fugro (Mexico) in conjunction with long-time associates, Constructora Subacuatica Diavaz, S.A. de C.V., has been awarded a large offshore multi-site high resolution geophysical and geotechnical survey by Mexico’s national oil company PEMEX.

Overall value of the contracts is estimated to be approximately EUR 50 million. Activity is scheduled to start late September 2012 and will continue through to August 2013.

Fugro Wins Offshore Survey Contract in Mexico| Offshore Energy Today.

 

National Oilwell Varco to Buy Robbins & Myers for USD 2.5 Bln (USA)

National Oilwell Varco, Inc. and Robbins & Myers have entered into an agreement under which National Oilwell Varco will acquire Robbins & Myers, Inc. (NYSE:RBN) in an all cash transaction that values Robbins & Myers at approximately $2.5 billion.

Under the agreement, Robbins & Myers’ shareholders will receive $60.00 per share in cash in return for each of the approximately 42.4 million shares outstanding (“the Transaction”.) The Boards of Directors of National Oilwell Varco and Robbins & Myers have unanimously approved the transaction, which is subject to customary closing conditions, including the approval of two-thirds of Robbins & Myers shareholders. Closing would be expected to occur in the fourth quarter of calendar 2012.

Robbins & Myers’ largest shareholder, M.H.M. & Co., Ltd, which owns approximately 10% of the outstanding common shares of Robbins & Myers (“Common Stock”) has agreed to vote its Common Stock in favor of the Transaction in accordance with the terms of a support agreement entered into in respect of the Transaction. The support agreement will terminate in the event the merger agreement is terminated in accordance with recommendation of the Board of Robbins & Myers.

Mr. Pete Miller, Chairman, President and CEO of National Oilwell Varco, remarked, “Robbins & Myers has many complementary products with those National Oilwell Varco currently offers the industry. I am particularly enthusiastic about the prospect of incorporating their downhole tools, pumps and valves into National Oilwell Varco Petroleum Services & Supplies and Distribution & Transmission segments. We feel that our combined manufacturing infrastructure and portfolios of technology will further advance our presence in the oil and gas markets we serve. We are extremely excited about this combination and look forward to welcoming a very talented group of employees into the National Oilwell Varco family.”

Mr. Pete Wallace, President and Chief Executive Officer of Robbins & Myers commented, “Robbins & Myers Board of Directors believes that the proposed transaction with National Oilwell Varco represents a compelling value for our shareholders. This transaction allows Robbins & Myers to join forces with an industry leader that will enable its business segments to fully capitalize on their respective strategies, enhance leadership positions in niche applications, and execute growth plans at a faster pace. We have worked hard to create a focused business with reduced complexity and a culture of continuous improvement, all based on improving customer productivity and profitability. This is the right time for this transaction and I believe National Oilwell Varco is the right partner to take us to the next level of performance.”

National Oilwell Varco is a worldwide leader in the design, manufacture and sale of equipment and components used in oil and gas drilling and production operations, the provision of oilfield services, and supply chain integration services to the upstream oil and gas industry.

Robbins & Myers, Inc., headquartered in Houston, TX, is a leading supplier of engineered, application-critical equipment and systems for global energy, chemical and other industrial markets. The company provides products and services for upstream oil and gas markets, along with a portfolio of industrial process and flow control products. Robbins & Myers has 3,400 employees and operates in 15 countries.

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USA: Tetra Buys UK’s Rig Cooling Specialist

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TETRA Technologies, Inc. has acquired Optima Solutions Holdings Limited (“Optima”) for GBP 40 million (approximately $62.7 million equivalent) plus contingent consideration to be paid in the future depending on profitability.

Optima is a leading provider of rig cooling services and associated products that suppress heat generated by the high-rate flaring of hydrocarbons during offshore well test operations. Established in 1999, Optima has grown rapidly and has served a diversified customer base in over forty countries from operational bases in Aberdeen, UK, and Perth, Australia. Optima’s expectations for continued growth are underpinned by excellent long-term relationships with key customers, increasing international expansion, and a robust market outlook.

Optima’s rig cooling systems provide safety from the extreme temperatures generated during flaring operations and enable high-rate well test operations to be performed without compromising installation integrity, installation operations and personnel safety. Optima’s rig cooling packages employ patented nozzle technology and a wide range of associated pumping equipment that provide users with exceptional performance, reliability and safety.

“With this acquisition, we are accelerating our strategic goal of offering our customers a broader range of well completion and production testing services, and we are expanding our presence in many significant global markets. Optima is a strong complement to our existing portfolio of well completion and production testing services, and we believe we can add value for Optima’s customers through our experience in, and understanding of, those businesses. We are impressed with the relationships and market position that Optima has built and intend to support them within the TETRA family. In addition, we expect this acquisition to be accretive to our consolidated earnings in 2012,” commented Stuart M. Brightman, TETRA’s President and Chief Executive Officer.

Managing Director and founder of Optima, Jamie Oag, stated, “We are very pleased with our new ownership structure. We see this as the next phase in our strategic plan, increasing Optima’s global presence in a manner consistent with our best in class safety and service quality performance standards.” Mr. Oag went on to say that, “Both my fellow founder, Peter Bartholomew, and I, will remain with Optima, along with the remainder of our experienced management and operations teams.”

Simmons & Company International served as financial advisor to TETRA and Ernst & Young served as financial advisor to Optima.

TETRA is geographically diversified oil and gas services company focused on completion fluids and other products, after-frac flow back and production well testing, wellhead compression, and selected offshore services including well plugging and abandonment, decommissioning, and diving.

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UK: Red Spider Reduces Risk

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Red Spider, the Remote Open Close Technology specialist delivering multi-million pound savings and reduced risk to the oil & gas industry, has completed its biggest-ever deal with work valued at £1.5million to supply new products for well completion operations.

The agreement involves Red Spider supplying eRED-FB products, with deployment scheduled for this Summer in the UK North Sea.

The eRED-FBs will be used for a series of subsea dual ESP (Electric Submersible Pump) wells and will allow the removal of all wireline runs from the completions operations.

Red Spider’s UK sales manager Andy Skinner said: “We are very excited about the technology and believe it takes our ROCT products to the next level, offering unparalleled savings and risk reduction.’’

eRED, Red Spider’s first tool to use its patented ROCT for remotely operating downhole valves, has been used by more than 20 operators resulting in significant risk reduction and maximising production time by removing wireline runs from operations. The technology is on its way to becoming the industry standard solution for various downhole applications.

The valve has allowed major operators to save more than £300,000 during a single subsea completion operation, typically reducing slickline runs from 8 to 1. In deepwater workover operations, savings of up to 36 hours and £500,000 have also been recorded in a single job, as well as major reductions in risk.

It quickly became apparent from the eRED’s continuing success that there were other potential applications for ROCT in the completion of wells. Further customer requests led to nearly £2million of investment and over two years of extensive research and development work, which has resulted in products including the eRED-FB.

eRED-FB valves provide a downhole barrier that can be opened and closed by remote command, allowing the tubing integrity to be tested without using conventional plug and prong equipment. This eliminates the need to deploy traditional wireline methods which results in the following benefits:

• removing the requirement for rigging-up and rigging-down wireline units

• speeding up operations

• reducing risk to personnel and equipment

• reducing the risk of exposure to bad weather

• delivering savings of between 32 to 38 hours (£400,000 to £500,000)

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USA: Oil Flows at Telemark

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ATP Oil & Gas Corporation has reported first oil production at its Mississippi Canyon (“MC”) Block 942 A-3 (#2) well, the fourth well at its Telemark Hub.

The oil production rates are gradually being increased as the well goes through the initial stages of production. The early production rate performance has met expectations and the rate of oil production is being increased. Further information will be reported as it becomes available. The MC 942 A-3 well is located on the Morgus Field and is the fourth well brought on production at the Telemark Hub location utilizing the ATP Titan floating drilling and production platform.

ATP operates the deepwater Telemark Hub in approximately 4,000 feet of water with a 100% working interest and holds a 100% ownership in ATP Titan LLC which owns the ATP Titan and associated pipelines and infrastructure.

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