Wison Wins FEED Contract for Canadian FLNG Project
Wison Offshore & Marine announced it has been awarded a contract to carry out front-end engineering design (FEED) for a proposed floating liquefied natural gas (FLNG) project sited in British Columbia, Canada.Wison said it has entered into a Technical Service Agreement (TSA) with the project’s developer Western LNG LLC, pursuant to which Wison will develop the basis of design (BOD) and carry out FEED wordk. Western also appointed Wison as the EPC service provider for the floating liquefaction plant upon project FID.Under the terms of the TSA…
Double Eagle Energy Preps for IPO
Double Eagle Energy Permian LLC is a unicorn roaming the barren landscape of West Texas. Founded by a retired NFL player and his high school buddy - with land deals signed on the hood of a pickup - the Fort Worth oil and gas company is now worth nearly $3 billion, according to a half dozen bankers who have examined its value. That's triple the $1 billion threshold for a so-called unicorn, the moniker most often used in Silicon Valley for high-value private companies.
Private Equity Emerges as Last Resort Energy Lender
U.S. energy companies facing a likely cut in their bank loans are seeking a costly alternative - borrowing from private equity firms at hefty interest rates to stay alive for longer. In a sign of the times, U.S. oil and gas producer Clayton Williams Energy Inc said this month it was borrowing $350 million from private equity firm Ares Management LP to replace an equivalent loan from a group of banks. The loan from Ares is the first publicly-known deal of its kind, and does not come cheap.
Trafigura Hires Asia-Pacific CEO
Global commodities trader Trafigura said on Monday it had hired former asset manager Chin Hwee Tan as its chief executive officer for the Asia-Pacific. Tan will be responsible "for continuing the growth of Trafigura's business across the region", Trafigura said in a statement. Prior to joining Trafigura, Tan was the founder of the Asian operations of Apollo Global Management LLC, a global alternative investor with over $185 billion in assets under management, Trafigura said. Reporting by Florence Tan
Warburg Pincus Raises $4 billion Private Equity Fund for Energy
Warburg Pincus LLC said on Monday it had raised $4 billion for its first energy-focused private equity fund, exceeding its $3 billion target and making it the latest investment firm looking to tap into opportunities in North America's shale gas boom. Warburg Pincus joins peers such as Blackstone Group LP and Apollo Global Management LLC that already have dedicated investment funds for energy deals alongside their flagship, multi-sector private equity funds.
Express Agrees to Be Acquired by Apollo
Premier Oilfield Services Company Partners with Apollo to Support Continued Growth. Express Energy Services (“Express” or the “Company”), a North American oilfield services company, has announced that funds managed by affiliates of Apollo Global Management, LLC (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) and participating management have agreed to acquire the Company from its existing shareholders. Terms of the transaction were not disclosed.
Halcon Provides Tuscaloosa Marine Shale Operational Update
Halcón Resources Corporation (NYSE: HK) ("Halcón"or the "Company") today provided an operational update related to its 314,000 net acre position in the Tuscaloosa Marine Shale ("TMS"). The Horseshoe Hill 11-22H-1 (92% WI) well in Wilkinson County, Mississippi, achieved a 24-hour average initial production rate of 1,208 barrels of oil per day and 1.1 million cubic feet per day of 1,551 BTU natural gas on a 19/64 inch choke. Based on gas composition analysis and assuming full ethane recovery…
