Offshore Equipment Firm Acquisition by Forum Energy
Houston-based Forum Energy Technologies agrees to acquire Blohm + Voss Oil Tools from STAR Capital Partners Limited (STAR), a London based private equity firm. Completion of the transaction is subject to certain customary closing conditions. Further details of the transaction were not disclosed. With locations in Hamburg, Germany and Willis, Texas, Blohm + Voss Oil Tools manufactures a comprehensive range of pipe handling equipment used on offshore and onshore drilling rigs. Cris Gaut, Forum's Chairman and Chief Executive Officer, commented, "Blohm + Voss Oil Tools significantly strengthens the tubular handling offering within our Drilling Technologies product line.
FET Acquires Dynacon
Forum Energy Technologies, Inc. (NYSE: FET) acquired Dynacon, Inc. Dynacon is a 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 more than 100 people and consists of 82,000 sq. ft. of manufacturing and office space and 40,000 sq. ft. of specialized test area located on 16 acres. Cris Gaut, Forum’s Chairman and CEO, said, “Dynacon expands our Subsea Technologies capability and integrates an important part of the ROV supply chain.
Halliburton Announces Management Changes
As a further effort to strengthen its operational efficiencies, augment its management and succession development opportunities and maximize its financial performance, Halliburton announced several changes to its executive management team. Executive Vice President and Chief Operating Officer Andrew Lane will retire effective Dec. 31, 2007. Halliburton will eliminate the COO position, and the Company’s Eastern and Western Hemisphere presidents as well as the Completion and Production, and Drilling and Evaluation Divisions now will report directly to Dave Lesar, Halliburton’s Chairman of the Board, President and Chief Executive Officer. In addition, the following executive management changes are effective Jan. * Executive Vice President and Chief Financial Officer C.
