Prysmian Acquires Gulf Coast Downhole Technologies
Prysmian Group has signed an agreement to acquire 100% of the privately-held US company Gulf Coast Downhole Technologies (GCDT) for an initial consideration, subject to adjustment, of approximately $45 million in cash. The transaction involves an earn-out determined on an average combined EBITDA in the next three years and for a maximum earn-out payment of about $21 million. Based in Houston, GCDT is active in the design and supply of innovative downhole equipment for the Oil & Gas industry, with a turnover of approximately $ 34 million in 2014.
Schlumberger Unveils UltraHT Drilling Technologies
Schlumberger announced today the launch of TeleScope ICE* ultrahigh-temperature measurements-while-drilling service and PowerDrive ICE* ultrahigh-temperature rotary steerable system (RSS). These new technologies enable standard drilling operations in reservoirs with extreme temperatures, expanding the applications and the range of the field-proven PowerDrive* RSS and Scope* measurement services. “In high-pressure, high-temperature (HPHT) projects, customers are under intense pressure to manage costs and achieve drilling objectives.
Forum Energy's Offshore Drilling Record Q4 2013 Performance
Houston-based Forum Energy Technologies report in Q4 & Year 2013 financial results that its Drilling & Subsea segment achieved a 5% increase in sequential revenue compared to the third quarter 2013 on record quarterly sales of drilling and downhole equipment and products, partially offset by delays related to remotely operated vehicles and subsea components. Fourth quarter 2013 revenue of $394 million compared to $330 million for the fourth quarter 2012. Net income for the fourth quarter was $35 million or $0.36 per diluted share compared to $24 million or $0.26 per diluted share for the prior year period.
Furgo’s New Offshore Wind Farm Drill Readies for Action
Specialist overwater drilling and marine construction contractor Fugro Seacore is building a pile top drill, the T120, for the offshore wind farm market to assist with monopole installations of up to eight meters diameter. Their current big drill has 90 metric tons of rotational torque; the new one will have 120 metric tons. This new addition to the fleet means they will have two drills capable of relief drilling piles of larger than six-meter diameter simultaneously, for instances where larger monopiles are the chosen foundation for the wind farm sites of Round three in U.K. waters and elsewhere in the European market.
