Flowserve Inks Deal for Prelude FLNG
Flowserve Corporation (FLS), a provider of flow control products and services for the global infrastructure markets, has entered into a five-year contract with Shell Australia to provide general maintenance services for Shell’s Prelude Floating Liquified Natural Gas (FLNG) facility, which is producing natural gas from an offshore field in Western Australia.A press release from the American multinational corporation said that it will support Prelude from its recently refurbished Quick Response Center (QRC) in Darwin…
XL Group Acquires AMC
Aberdeen based technology and engineering company XL Group announced on Monday it has acquired Artisan Measurement & Control Limited (AMC) in a move to add expertise, products and services in calibration, measurement, tanker loading, blending, metering systems and instrumentation to its growing list of integrated engineering services.Formed in 2002, Wiltshire-based AMC has an annual turnover of £4 million ($5.2 million) and 12 employees. Under the deal…
Weir launches sale of flow control business
British engineer Weir has launched the sale of its flow control business in a move that could value the supplier of pumps and valves at more than 300 million pounds ($389 million), according to sources with knowledge of the matter.Bankers for the FTSE 250 listed company have sent out confidential information about the division to prospective buyers ahead of an auction of the business, two sources told Reuters.The unit is expected to generate core earnings of 38 million pounds next year and first round bids are due on Nov. 9, according to one of the sources.
OGIC Invests in New UK Projects
Setting out to help cut operational costs and improve efficiency in the oil and gas industry, the Oil & Gas Innovation Centre (OGIC) has invested more than £300,000 into three new projects. The first project will see Blue Gentoo work with the University of Aberdeen to develop an Intelligent Hydrate Tool (IHT). The tool will automatically control MonoEthylene Glycol (MEG) injection by monitoring hydrocarbon parameters – calculating both the MEG required and any subsequent injection adjustments in real time – without routine human intervention.
Schlumberger Acquires Peak Well Systems
Schlumberger today announced the acquisition of Peak Well Systems (Peak), a leading specialist in the design and development of advanced downhole tools for flow control, well intervention and well integrity. The addition of Peak’s mechanical and remedial solutions for cased-hole well intervention strengthens the Schlumberger Production Services portfolio with a broader offering of mechanical services to its global customers. “In the past few years, Peak…
EnerMech Forms US Partnership with Hydratron
EnerMech has signed a distributorship agreement with Pressure Technologies Plc owned company Hydratron which covers North, South and Central America. In addition to providing sales and technical support for Hydratron’s range of high pressure and flow control products, EnerMech will also act as a service and build-center for the Americas. Formed more than 35 years ago, Hydratron are widely recognized for creating innovative high-quality products and solutions that provide performance assurance.
Schlumberger, Cameron Merger Complete
Schlumberger Limited (NYSE:SLB) announced today that it has closed its merger with Cameron International Corporation. As previously announced, each Cameron stockholder is entitled to receive 0.716 shares of Schlumberger common stock and $14.44 in cash, in exchange for each Cameron share. Schlumberger has issued approximately 138 million shares pursuant to the merger. As a result, former Cameron stockholders own approximately 10% of Schlumberger’s outstanding shares of common stock.
Rotork Acquires Bifold Group
Actuator manufacturer and flow control company Rotork announced it has acquired the Bifold Group Ltd. (Bifold), a designer and manufacturer of hydraulic and pneumatic stainless-steel directional control valves and accessories for hazardous, corrosive and subsea environments. Bifold provides electronic control and positioning systems and expertise for valves and pumps used in hazardous upstream and downstream oil and gas applications, with special expertise in wellhead control systems.
Schlumberger Debuts Single Intervention Tool
Schlumberger announced today the release of the ACTive Straddle* coiled tubing real-time multiset inflatable packer. The packer provides all functions needed to isolate and treat multiple zones on a single run without coming out of the well, which reduces intervention time and optimizes production. “Conventional stimulation treatments of multizone reservoirs lack efficiency when targeted coverage is required, leading to lower production recovery,” said Sameh Hanna, president, Well Intervention, Schlumberger.
Norvestor to Become PG’s Largest Shareholder
Norvestor VI, L.P., a fund advised by Norvestor Equity AS, announced it has signed an agreement to invest in Ing Per Gjerdrum AS including its subsidiaries PG Hydraulics AS and PG Construction AS. The transaction is expected to close end of October 2014, subject to customary approval from the Norwegian Competition Authorities. Following the acquisition, Norvestor will become the largest shareholder in PG with about 63 % of the shares, while the remaining shares will be held by Mads Gjerdrum and Roy Norum. The company had revenues of NOK 552 million in 2013.
Brazil's Lupatech Share Surge May be Unwarranted
A 39 percent surge in shares of Lupatech SA, a Brazilian oil equipment company coming out of bankruptcy, is not justified by the terms of a recent restructuring and capital increase, traders and investors told Reuters. Lupatech, which traded at 26 centavos before a debt restructuring plan was approved last week, closed at 36 centavos on Tuesday, five sessions after announcing the plan that helped cut debt by more than two-thirds but gave the company little or no new cash for investment.
Neil Mackintosh apponted President of INTECSEA
WorleyParsons announced the appointment of Neil Mackintosh as INTECSEA president, following the retirement of Uri Nooteboom. Mackintosh will join INTECSEA on July 8, 2014 and be based in Houston, Texas. Departing president Uri Nooteboom will assist Mackintosh with his transition until the end of August and be available as an advisor to Neil thereafter. Nooteboom joined INTECSEA in 1990. Over the years he has taken on leadership roles of increasing responsibility and in 2010 was named president of INTECSEA.
