Carlyle Group Acquires EnerMech from Lime Rock Partners
Global alternative asset manager The Carlyle Group announces that it has agreed to acquire EnerMech Group Ltd, an international services company providing critical asset support to the energy, infrastructure and industrials sectors, from Lime Rock Partners.The transaction is expected to close in Q4 2018, subject to customary anti-trust and regulatory approvals.Equity for this investment will come from Carlyle International Energy Partners (CIEP), a $2.5 billion fund that invests in the global oil and gas sector outside North America.
Top Shallow Water Driller Raises $225 Mln in Oslo IPO
Shelf Drilling, a Dubai-based contractor for shallow water rigs, raised about $225 million by issuing new shares priced at 65.35 Norwegian crowns ($8.09) per share, the company said on Friday, the latest drilling firm to list in Oslo to raise capital.Its initial public offering comes four years after the company scrapped plans to list in London just as the oil market's downturn started.Demand for shallow water or jack-up rigs has been steadily growing through 2017 after hitting a bottom at the end of 2016. Brent crude is trading at almost $74 a barrel, up from $27 a barrel in Jan.
Private Equity Mulls U.S. Energy IPOs
Private equity funds are looking to sell shares in two U.S. energy companies, people familiar with the plans said this week, deals that could end a year-long drought for Initial Public Offerings (IPOs) in the oil and gas sector. Denver-based Extraction Oil & Gas LLC, an oil explorer and driller in Colorado's Denver-Julesburg (DJ) basin backed by private equity firm Yorktown Partners LLC, has filed a confidential registration with the U.S. Securities and Exchange Commission (SEC) indicating it is planning on going public, people familiar with the matter said.
Vantage Energy files for IPO of about $400 mln
Oil and gas company Vantage Energy Inc filed with U.S. regulators on Monday to raise about $400 million in an initial public offering of common stock. Vantage, focused on the Marcellus shale in the Appalachian Basin and the Barnett shale in Texas, counts private equity firms Quantum Energy Partners, Riverstone Holdings and Lime Rock Partners among its stockholders. The Englewood, Colorado-based company listed Barclays, Goldman Sachs and Citigroup among underwriters for the IPO. The company…
Dunedin Executes $117.29m EV Buyout
EV Offshore, downhole video technology specialist, finalized a $117.29 million management buyout, backed by Dunedin, UK mid-market buyout house. Based in Norwich, EV said it has become the downhole video application market leader within the oil and gas industry, resulting from a prior backing given from Lime Rock Partners. The company has reported global growth and expansion since its launch in 2000, recording an approximate increase of $32.24m in turnover from 2010 to 2014. EV's sees 85% of its revenues currently generated overseas.
Shelf Drilling Sings 5-Yr Contract For 2 Newbuild Jackups
Shelf Drilling, Ltd. today announces that one of its subsidiaries has been awarded contracts for two newbuild jackup rigs by Chevron Thailand, a subsidiary of Chevron Corporation (NYSE : CVX). The two drilling contracts are for a five-year term each and the newbuild rigs are scheduled to commence operations offshore Thailand during the first and third quarter of 2017 respectively. The estimated revenues which could be generated over the five-year contract term are approximately USD 281 million for each rig, excluding revenues for mobilization, demobilization and miscellaneous adjustments.
