Blue Water Energy Partners with Apex International Energy
Apex International Energy announced that affiliates of Blue Water Energy (BWE) have agreed to partner with Apex and join the existing investors: Warburg Pincus LLC, International Finance Corporation (IFC) and company management.The oil and gas exploration and production company focused on Egypt and other Middle Eastern and North African countries (MENA) said that it is primarily focused on pursuing acquisitions and drilling opportunities in MENA, with an initial focus on Egypt.The company will continue to acquire assets and licenses…
Petrobras Output in Campos Drops to Lowest Level in 17 Years
Oil production by Brazilian state-led Petroleo Brasileiro SA in the Campos basin fell 1.4 percent in June over the previous month to 1.042 million barrels a day, its lowest level since 2001, as mature fields decline, according to company data.Output has dropped 15.8 percent in 12 months due to the ageing of fields off-shore from Rio de Janeiro and Espirito Santo that account for almost half of the crude pumped by Petrobras.
Survitec Appoints Baines VP, Cruise
Survitec appointed Mark Baines as Global Vice President, Cruise. Based in Survitec’s Miami office, he will build a dedicated sales and operations team focused solely on partnering with cruise clients to achieve their safety and equipment reliability objectives. He joined Survitec on secondment from Survitec’s majority owners Onex in July 2017 and has been heavily involved in the development of Survitec’s go-to-market strategy. He will also retain his current role as Group Strategy Director, reporting to CEO Brian Stringer.
Onex Buys Safety Fim Survitec
Onex buys Survitec from Warburg Pincus for 450 mln stg. Canadian private equity firm Onex has bought UK safety and survival equipment maker Survitec from Warburg Pincus for 450 million pounds ($679.7 million), Warburg Pincus said on Monday. Survitec, which makes equipment from lifejackets to anti-gravity suits, had 234 million pounds in revenues in the year to March 31, 2014. Warburg Pincus bought Survitec from private equity group Montagu in 2010 for 280 million pounds. Reuters reported last year that the U.S. private equity house had been looking to sell the company, potentially for over 500 million pounds. Reporting By Freya Berry
Private Equity Firms Double down on Venari's Offshore Drilling
Gulf of Mexico deepwater oil explorer Venari Resources LLC said on Wednesday it had raised $1.3 billion from original backers Warburg Pincus LLC, Kelso & Co, the Jordan Company and Temasek Holdings, as well as new investors. GIC, Singapore's sovereign wealth fund, and BlackRock Inc's private equity arm participated in the new round of equity commitments, joining private equity firms Warburg Pincus, Kelso and Jordan, as well as Singapore state-owned investment firm Temasek. The four original investors formed Venari in 2012 with $1.1 billion in equity commitments. The new funds will be used to help develop assets Venari has discovered since 2012, as well as bolster the company's exploration program, Venari Chief Executive Brian Reinsborough said in an interview.
Asia Pacific Spill Response OSRL Increases Capabilities
Last month Oil Spill Response Limited (OSRL), a global oil spill response cooperative funded by more than 160 companies, opened its new base with enhanced response capabilities at Loyang in Singapore. Maritime Reporter took the opportunity to speak with Robert Limb, OSRL Chief Executive, regarding the significance of OSRL’s expansion. The opening of the base last month in Singapore was touted as a milestone event for the maritime and oil and gas industries in the Asia Pacific region…
Tradiant Melding The Best Of Tech And Transport
The creation of broad stroke, groundbreaking business deals are traditionally portrayed as being hatched on the golf course, at an exclusive social function or within the confines of a harried boardroom. The creation of Tradiant — which is a new e-commerce solution that promises to change the very foundation of the shipping business — is as unique as its lofty goals. Co-founder Aaron Sasson and current president and CEO John Urban met at their daughters' PTA meeting. While the field of e-commerce solutions serving the maritime industry is quickly becoming crowded with an equal mix of idealists and fortune seekers, Tradiant stands out with its co-mingling of technical expertise and in-depth industry knowledge.
Titan Petrochemicals Completes Shipbuilding Transaction
According to reports, Titan Petrochemicals Group has completed the acquisition of a shipyard from its controlling shareholder. The transaction was priced at a significant valuation discount to other Chinese shipyards based on the current order book and expected future earnings, which suggests the injection should be very favorable to Titan. Part of the shipyard project – including the high-margin ship repair facility -is still at the development stage, however, which means the acquisition is not without risks. Acknowledging these risks, the payment has been structured to account for the fact that a lot of the earnings potential is based on what comes on stream in 2008-2010.
Pogo to Buy Latigo Petroleum for $750M
Pogo Producing Co. has entered into definitive agreement to acquire privately-held Latigo Petroleum, Inc. for $750m in cash, Trading Markets reported. The Houston, Texas-based company said the acquisition of Latigo and its assets in the Permian Basin and Texas Panhandle will increase Pogo's total proven oil and gas reserves by 13%, from 2,042 billion cubic feet of natural gas equivalent, or bcfe, to 2,317 bcfe. The company said it would finance the acquisition of Latigo, which was formed by private-equity firms Warburg Pincus LLC and JPMorgan Partners, with cash on hand, capacity under its existing revolving credit facility and opportunistic capital market transactions. The acquisition, which is subject to customary regulatory approvals, is expected to close during May of 2008.