A total of £34.3billion-worth of merger and acquisition deals were carried out in upstream oil and gas in the third quarter of the year.
mergers and acquisitions
The world’s biggest public energy company doesn’t worry about size when it comes to potential deal-making.
Aberdeen is seeing an increase in mergers and acquisitions activity as confidence returns to the offshore energy sector, according to Grant Thornton.
2017 was the third full year of the most protracted downturn in the global oil and gas industry but was generally considered to be no worse than the previous two. Despite initial optimism at the beginning of the year, the industry remained flat with operators keeping a tight rein on spending notwithstanding a steady increase in commodity prices throughout the year.
Chartered accountant and business advisor Anderson Anderson and Brown (AAB), of Aberdeen, has topped a list of Scottish “dealmakers” for a 12th consecutive year.
Chemical multinational INEOS has acquired Engie E&P's onshore licences, bringing its total acerage to 1.2million acres.
TechnipFMC is expected to buy the remaining shares in Norwegian design and engineering company Kanfa.
Bosses at Ithaca Energy said it would be “business as usual” for the North Sea oil producer following its anticipated takeover by Israeli firm Delek Group.
A recent spate of acquisitions shows oil companies and investors still see potential in the North Sea, a lawyer said yesterday.
Engineering services firm EnerMech said yesterday that it had snapped up an electrical and instrumentation (E&I) business with bases in Australia and the US.
General Electric (GE) is nearing a deal valued at about $30billion to combine its oil and gas business with Baker Hughes Inc., the Wall Street Journal reported.
Marine service company James Fisher and Sons said today it had completed another acquisition after tying up a £10million deal for Hughes Sub Surface Engineering.
Aberdeen-based Parkmead Group has “tonnes of firepower” left for acquisitions after doubling its stakes in two North Sea fields, the oil and gas firm’s boss said yesterday.
Oil services firm Subsea 7 today said it had snapped up Scottish polymer lining technology firm Swagelining for an undisclosed fee.
A Californian energy firm has provisionally agreed to take over a rival in a $41.5million (£31.6million) transaction, according to media reports. Bosses at Royale Energy said they expected the deal for Matrix Oil Corporation to go through before the end of 2016, subject to approval from regulators and shareholders. Royale is an independent exploration and production company with its main operations in the Sacramento and San Joaquin basins in California.
An Aberdeen firm revealed yesterday it had safeguarded more than 40 north-east jobs after buying a survey company that was part of bankruptcy-hit Harkand Group. Amplus Energy, a floating production service firm, said all 42 employees from Andrews Survey would transfer to its base in Bridge of Don next month on the back of a multi-million pound deal. Andrews, which provides survey and positioning services to the offshore oil and gas and renewables markets, will keep its name and operate under its existing management team as part of Amplus Group.
An Aberdeen-based offshore cabin and container firm said yesterday it had snapped up a rival, paving the way for its expansion into Norway, Congo and Myanmar. The acquisition of Singapore-headquartered AOR Containers from Buss Global Group raises OEG Offshore’s global headcount to 160 from 140. It also adds 6,000 containers to the existing fleet of 19,000 at OEG, which was created in 2010 following a merger between Continental Offshore and Vertec Engineering.
Senior executives and investors will gather in London in June for the 18th Africa Energy Forum where global power industry figures meet with African stakeholders to discuss opportunities in Africa’s energy sector.