C&J Energy, Keane Merge in $1.8bln Deal
Oilfield services firms C&J Energy Services and Keane Group, said that they will merge in an all-stock deal valued at about $1.8 billion.C&J Energy, which offers a suite of oil and gas production services, and Keane, which specializes in well completions would combine in what the companies described as a merger of equals. The deal would create a company with more than $4 billion in annual revenues.Under the terms of the merger agreement, which has been unanimously approved by the Boards of Directors of both companies and the Special Committee of the Keane Board, C&J shareholders will receive 1.6149 shares of Keane common stock for each share of C&J common stock owned. The merger agreement permits C&J to pay its shareholders a cash dividend of $1.00 per share prior to closing.
Wärtsilä to Power New DSCV
Wärtsilä won the contract to supply an integrated solution for power generation, power distribution, and propulsion for a new Diving Support & Construction Vessel (DSCV) currently under construction in Singapore. The order has been placed by Keppel Singmarine, the Singapore based builder of the vessel. The contract includes the vessel's main power generation system, the Wärtsilä Low Loss Concept full electric and automation system, and a complete integrated propulsion system. The vessel will operate on marine diesel oil (MDO). Wärtsilä will deliver the systems during the beginning of 2012, and the ship is scheduled to be delivered in the second quarter of 2013.
