Marine Link
Tuesday, March 19, 2024
SUBSCRIBE

Lime Rock Partners News

18 Oct 2018

Carlyle Group Acquires EnerMech from Lime Rock Partners

Global alternative asset manager The Carlyle Group announces that it has agreed to acquire EnerMech Group Ltd, an international services company providing critical asset support to the energy, infrastructure and industrials sectors, from Lime Rock Partners.The transaction is expected to close in Q4 2018, subject to customary anti-trust and regulatory approvals.Equity for this investment will come from Carlyle International Energy Partners (CIEP), a $2.5 billion fund that invests in the global oil and gas sector outside North America. The Fund’s mandate includes exploration & production, mid-stream, downstream and oil field services.

27 May 2014

Shelf Drilling Sings 5-Yr Contract For 2 Newbuild Jackups

Shelf Drilling, Ltd. today announces that one of its subsidiaries has been awarded contracts for two newbuild jackup rigs by Chevron Thailand, a subsidiary of Chevron Corporation (NYSE : CVX). The two drilling contracts are for a five-year term each and the newbuild rigs are scheduled to commence operations offshore Thailand during the first and third quarter of 2017 respectively. The estimated revenues which could be generated over the five-year contract term are approximately USD 281 million for each rig, excluding revenues for mobilization, demobilization and miscellaneous adjustments. In connection with the contracts, Shelf Drilling will commission two fit-for-purpose newbuild jackup rigs based on the MLT Super 116 E design. A subsidiary of Shelf Drilling, Ltd.

21 Nov 2013

EnerMech Sets $452 Million 2014 Sales Target

Valves repair, manufacturing and servicing is one of EnerMech’s six global business lines.

Oil and gas services group EnerMech Ltd. has predicted 2014 turnover will increase to more than £280 million ($452m), a jump of £80 million ($129m) on the current year’s forecast and double the £144 million ($232m) revenue recorded in its 2012 annual accounts. The Aberdeen-based company’s 2012 group accounts showed an £11 million ($17.7m) profit (EBITDA) on revenue which grew 41% from £102 million ($165m), and it expects 2013 EBITDA to break the £20 million ($32m) barrier. The mechanical engineering specialist reported that in the same period its U.K.

10 Jan 2013

EnerMech Profits From Investment

Mechanical engineering services company, EnerMech Ltd, doubled turnover in 2011 to £102 million, up from £50.6 million in 2010, according to its latest group accounts. The Aberdeen-based group delivered an £8.4 million profit (EBITDA*) and forecast 2012 profits would almost double to £14 million on expected turnover of £140 million. A recently agreed £25 million funding package from private equity backers, Lime Rock Partners, will underpin five strategic acquisitions in 2013, in addition to the £3 million acquisition of South African business Water Weights International last month.

21 Dec 2012

Douglas-Westwood Provides Commercial Assistance

Douglas-Westwood has enjoyed an active autumn providing market and commercial insight to both trade and private equity firms in the process of buying and selling oilfield services, engineering and equipment companies. “With focused and timely provision of our core service offering in market sizing, client consultations, competitive analysis and business plan reviews, our clients have completed a number of transactions in the last quarter. With one of the largest focused teams of commercial and strategy consultants, all our core  global offices have been busy on some flagship deals in the sector that have completed, while they have also been working on a high number that our clients decided to withdraw from” commented Andrew Reid, group CEO.

14 Dec 2012

Stewart to Lead EnerMech Expansion

 Ingrid Stewart, Corporate Development Director

EnerMech has signalled it’s about to step up international expansion with the appointment of mergers and acquisitions expert Ingrid Stewart. Mrs Stewart has joined the mechanical engineering group from investment bank Simmons & Company International where she was a director specialising in corporate finance. A chartered accountant, she takes on the newly created role of Corporate Development Director, as the Aberdeen-based oil and gas services company embarks on a new phase of acquisitions and strategic joint ventures.

03 Dec 2012

Transocean Completes Sale of Rigs to Shelf Drilling

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) has announced  that it has closed on the previously disclosed transaction to sell 38 shallow water drilling rigs to Shelf Drilling Holdings, Ltd. ("Shelf Drilling"). Shelf Drilling is a newly-formed company sponsored equally by Castle Harlan, CHAMP Private Equity and Lime Rock Partners. The $1.05 billion sales price includes approximately $855 million in cash, subject to working capital and other closing adjustments, and $195 million in seller financing, which is in the form of preference shares issued by an affiliate of Shelf Drilling. As previously disclosed, Transocean will provide various transition support services to Shelf Drilling for a period of time subsequent to the closing of the transaction.

10 Sep 2012

Transocean to Focus on Floaters, Jackups, Sells 38 Shallow Water Rigs

Transocean Ltd. to sell 38 shallow water drilling rigs to Shelf Drilling International Holdings, Ltd. for approximately US$1.05-billion. Shelf Drilling is a newly formed company sponsored equally by Castle Harlan, Inc., CHAMP Private Equity and Lime Rock Partners. "This agreement marks an important milestone in our asset strategy to increase our focus on high-specification floaters and jackups, improving our long-term competitiveness," said Steven L. Newman, President and Chief Executive Officer of Transocean Ltd. The sales price includes approximately $855 million in cash, subject to working capital and other closing adjustments, and $195 million in seller financing. Seller financing will be in the form of preference shares issued by an affiliate of Shelf Drilling.

06 Oct 2009

ITS $55M Investment from Lime Rock

ITS changing out BOP (blow out preventer) rams in Mexico (Photo courtesy Fifth Ring Integrated Corporate Communications)

ITS Group, a specialist provider of oilfield equipment and services to the global oil and gas industry, announced a $55m equity investment from leading energy-focused private equity firm Lime Rock Partners. The agreement provides Lime Rock with a minority stake in ITS Group in return for providing growth capital to be used to support the company’s growth aspirations as it aims to become a major global player in the oilfield drilling sector. Bob Kidd, ITS Group executive chairman said, “This is an exciting time for the Group with unprecedented levels of opportunity in a challenging environment.

02 Mar 2000

Noble Drilling Acquires Jackup Rig

Noble Drilling Corporation has formed a joint venture with Lime Rock Partners, and the joint venture has acquired Ocean Scotian, a North Sea jackup, for $32.7 million. Concurrent with the acquisition, the rig was renamed Noble Julie Robertson. Noble Drilling owns 50 percent of the joint venture, and will manage the upgrade, marketing and operation of the rig. Noble Drilling expects to upgrade the drilling systems and the crew accommodations in order to conform to the new regulations applicable in the North Sea. The company anticipates the unit will be available for service in mid-2000. James C.

Subscribe for
Maritime Reporter E-News

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week