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Saudi Aramco signs landmark joint venture agreements with Nabors and Rowan

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Saudi Aramco signed two landmark agreements with Nabors Industries and Rowan Companies to create two new national champions focused on onshore and offshore drilling. The new joint ventures mark a major milestone towards the development of a competitive Saudi energy sector, as encapsulated in the company’s In-Kingdom Total Value Add (iktva) program and Saudi Vision 2030.

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Patterson-UTI Energy and Seventy Seven Energy announce agreement to merge

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Patterson-UTI Energy and Seventy Seven Energy jointly announced that the two companies have entered into a definitive merger agreement pursuant to which Patterson-UTI will acquire Seventy Seven Energy in an all-stock transaction. Patterson-UTI and Seventy Seven Energy are both leaders in building and operating high-spec rigs, and the transaction will further solidify Patterson-UTI as a leader in the US land drilling market with 201 high-spec rigs. Additionally, following the closing of the transaction, Patterson-UTI will have one of the largest and most modern pressure pumping fleets in the industry, with more than 1.5 million hydraulic fracturing horsepower both available and strategically-located in some of the most prolific oil and gas regions in the US. The transaction is subject to customary ...

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Frigstad Offshore to sell deepwater assets to China International Maritime Containers Group

The Frigstad Shekou (above), along with the Frigstad Kristiansand are currently under construction at the Yantai CIMC Raffles shipyard in Shandong, China. They are scheduled for delivery in Q1-2017 and Q3-2017 respectively.

Frigstad Deepwater Holding, a subsidiary of Frigstad Offshore Group, has decided to sell all of its shares in Frigstad Deepwater to a subsidiary of China International Maritime Containers Group (CIMC) with effect from 6 December 2016. Frigstad Deepwater, which has been jointly owned by Frigstad Offshore Group and CIMC since 2012, has two 7th generation ultra-deepwater drilling units of the Frigstad D90 design under construction at the Yantai CIMC Raffles shipyard in Shandong, China. The units, Frigstad Shekou and Frigstad Kristiansand, are scheduled for delivery in Q1‐2017 and Q3‐2017 respectively.

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