Origin Buys Karoon's Offshore Gas Interest For $800 Mln

Posted by Joseph R. Fonseca
Sunday, June 01, 2014
Origin Logo

Australian energy company Origin Energy Ltd said on Monday it will buy oil and gas explorer Karoon Gas Ltd's 40 percent stake in Poseidon, Browse Basin gas assets for up to $800 million.

In a statement, Origin said the purchase gives it a strategic stake in one of Australia's biggest offshore gas discoveries. It plans to initially fund the deal through debt facilities but raise around A$1 billion ($930 million) through an equity raising some time after August.

Melbourne-based Karoon said the sale gives it financial flexibility to advance other oil exploration programs.

Karoon shares have been suspended from trading since April 30 and will resume trading on Monday.

(Reporting by Byron Kaye; Editing by Richard Pullin)

($1 = 1.0745 Australian Dollars)

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Oceanteam Focuses on Mexico Strategy

Oceanteam Shipping ASA releases its Q2 2014 financial report, with extracts as follows: The company says it saw, with its early focus on Mexico, a long term

Wärtsilä Signs Harvey Gulf OSV Maintenance Agreement

Wärtsilä says it has signed a long-term Technical Management Agreement with Harvey Gulf International Marine LLC (Harvey Gulf). This five-year agreement covers

Latest Ocean-Going Shipbuilding Orders

Clarkson Hellas notes in its latest 'S&P Weekly Bulletin' shipbuilding orders placed in the dry bulk, tankship, gas carrier and containership sectors, as follows: Dry

Legal

USCG Shares Safety Tips for Labor Day, Riverfest

Labor Day weekend marks the unofficial end of the boating season and is known as one of the busiest recreational boating weekends on the Ohio River. With approximately 2,

Wishful Thinking From Across the Pond

European Shipowners Pursue Softening of the Jones Act Just last month, the Secretary General of the European Community Shipowners’ Association (ECSA) opined that

Legislation Signed for Ports Upgrades

Today, Governor Brown signed AB 2395 Legislation. The bill was co-authored by Bonnie Lowenthal chair of the Assembly Transportation Committee and the Select Committee

Offshore

Oceanteam Focuses on Mexico Strategy

Oceanteam Shipping ASA releases its Q2 2014 financial report, with extracts as follows: The company says it saw, with its early focus on Mexico, a long term

Wärtsilä Signs Harvey Gulf OSV Maintenance Agreement

Wärtsilä says it has signed a long-term Technical Management Agreement with Harvey Gulf International Marine LLC (Harvey Gulf). This five-year agreement covers

ABS to Class First Self-elevating Unit Built in Qatar

ABS, a provider of classification services to the global offshore industry, was selected by Nakilat-Keppel Offshore & Marine (N-KOM) to class its LB310S liftboat,

Finance

Oceanteam Focuses on Mexico Strategy

Oceanteam Shipping ASA releases its Q2 2014 financial report, with extracts as follows: The company says it saw, with its early focus on Mexico, a long term

ARENA Supporting Bright Ideas in Solar R&D

The Australian Government today announced $21.5 million funding for 12 cutting edge R&D projects that will keep Australia at the forefront of solar research.

Big Increase in Port of Houston Steel Cargoes

More steel moved across the docks in July than any month since 2008, Executive Director Roger Guenther reported at the recent meeting of the Port Commission of the Port of Houston Authority.

Energy

Narendra Modi Eyes Breakthrough Nuclear Pact with Japan

India is hoping to win Japanese backing for a nuclear energy pact during a visit by Prime Minister Narendra Modi, and lure investment into its $85 billion market

Venezuela Considers Importing Crude for the First Time

PDVSA would use its own fleet to transport imported crude; Purchases of crude imports would reduce costs; Venezuela has been exporting oil for a century Venezuela

ARENA Supporting Bright Ideas in Solar R&D

The Australian Government today announced $21.5 million funding for 12 cutting edge R&D projects that will keep Australia at the forefront of solar research.

News

Narendra Modi Eyes Breakthrough Nuclear Pact with Japan

India is hoping to win Japanese backing for a nuclear energy pact during a visit by Prime Minister Narendra Modi, and lure investment into its $85 billion market

Venezuela Considers Importing Crude for the First Time

PDVSA would use its own fleet to transport imported crude; Purchases of crude imports would reduce costs; Venezuela has been exporting oil for a century Venezuela

USCG Shares Safety Tips for Labor Day, Riverfest

Labor Day weekend marks the unofficial end of the boating season and is known as one of the busiest recreational boating weekends on the Ohio River. With approximately 2,

Mergers & Acquisitions

LNG Finalizes Acquisition of Bear Head LNG Project

Liquefied Natural Gas Limited today informed having finalised the acquisition of 100% of Bear Head LNG Corporation (BHLC). This follows the announcement

CEVA Expanding Presence in Southern California

CEVA Logistics, one of the world’s leading supply chain management companies, today announced plans to expand its presence in the San Diego market with a new

Transnet National Ports Authority Orders 9 Voith Water Tractors

In South Africa’s largest local shipbuilding contract Transnet National Ports Authority has ordered nine new Voith Water Tractors (VWT) for use in several ports across the country.

Offshore Energy

DNV GL-led collaboration to enhance BOP maintenance

The maintenance of blowout preventers (BOPs) has significant financial, logistical and safety implications for drilling operators and rig owners. DNV GL has

SBI Offshore Negotiating Contract for Rig Builds

SBI Offshore Limited has announced that the Middle East-Chinese consortium, which recently awarded its subsidiary a contract to provide design and engineering services for a jack-up drilling rig,

Brazilian PSVs Get Rolls-Royce Offshore Cranes

Rolls-Royce signed a contract with Detroit Chile SA to supply offshore cranes to nine Platform Supply Vessels (PSVs) presently under construction at Detroit Brasil Ltda.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Port Authority Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1548 sec (6 req/sec)