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August 22, 2017 - Contax Partners’ Energy Feed

Total acquires Maersk Oil for USD 7.45bn | Nabors acquires Tesco Drilling for USD 215mn | KOC awards Saipem USD 850mn EPC contract

 

Total acquires Maersk Oil for USD 7.45bn

Maersk O&G subsidiary acquiredTotal has announced that it will acquire 100% of the equity of Maersk Oil & Gas A/S - a wholly owned subsidiary of A.P. Møller – Mærsk A/S. According to the terms, Maersk will receive a consideration of USD 4.95bn in Total shares and Total will assume USD 2.5bn of Maersk Oil’s debt. The deal is expected to generate operational, commercial and financial synergies of more than USD 400mn per year for Total. This is mainly due to the assets that both Total and Marsk Oil hold in the North Sea - an area in which they are both strong in. This deal, however, is still subject to regulatory approval in Denmark and consultation with Total employees. It is expected to be completed in Q1 2018.

 

Nabors acquires Tesco Drilling for USD 215mn

Tesco Drilling taken overNabors Industries, a drilling contractor that owns the world's largest land-based drilling rig fleet, has announced its plans to acquire Houston-based drilling contractor, Tesco Corporation for USD 215mn. While the acquisition will provide Nabors with comprehensive solutions and integrated offerings, on the other hand, it will provide Tesco Drilling with a larger platform and scale which will allow for potential market share gains. The deal is anticipated to bring operating synergies of around USD 20mn in the first year.

 

KOC awards Saipem USD 850mn EPC contract

RAK desalination plant Utico and CobraSaipem has been awarded an EPC contract by KOC, worth USD 850mn, for the FEED pipelines for the New Refinery Project (NRP) in Kuwait. The project will comprise of the construction of a system of pipelines of various diameter (approximately 450km in length) for the transportation of crude oil & gas from various KOC South Tank Farm manifolds to the new Al Zour refinery. Furthermore, it includes a network for the transportation of refined products to the storage areas present in the Mina Al Ahmadi refinery. These products will also be used to feed the Northern Power Station.

 

 

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