Deals this week: Total, Ocean Infinity, Kawasaki Heavy Industries

13 July 2018 (Last Updated July 29th, 2020 12:52)

France-based Total plans to sell $1.5bn-worth of assets in the North Sea, UK.

France-based Total plans to sell $1.5bn-worth of assets in the North Sea, UK.

Total is expected to sell one-third of its stake in the Laggan Tormore gasfield, as well as several other smaller fields, including Golden Eagle, Dumbarton, Bruce and Keith, which were received as part of the acquisition of AP Moller-Maersk’s oil and gas division.

The sale is part of Total’s strategy to reduce operating costs related to mature assets.

America Merrill Lynch has been appointed to manage the divestment.

Total has also announced plans to raise $201.88m through a public offering of 0.288% bonds due July 2026.

Ocean Infinity has entered a seven-year contract with Island Offshore to charter the latter’s Island Pride subsea support and construction vessel to strengthen its AUV data acquisition and analysis platform.

Based on the UT737 design, the Island Pride subsea vessel is 103m-long and has a beam of 21m.

Based in the UK, Ocean Infinity is a subsea operator, while Island Offshore is a Norway-based operator of subsea service vessels.

The transaction will enable Ocean Infinity to perform ice surveys.

“The contract includes eight one-month options, which if exercised will bring the total value of the contract to $36.7m.”

Kawasaki Heavy Industries has entered an agreement with The Underwater Centre (TUC) to carry out tests on its autonomous underwater vehicle (AUV) prototype.

The AUV features a robot arm, which enables it to perform the inspection of subsea pipelines.

Based in Japan, Kawasaki is a multi-national manufacturing company, while TUC is a Scotland-based marine testing facility.

DryShips Inc has agreed to divest four of its very large gas carriers (VLGCs).

Based in the US, DryShips is an owner and operator of ocean-going cargo vessels.

Subject to charterers’ consent, the divestment will strengthen the company’s fleet of vessels.

Prosafe has entered a $25.5m contract with Aker BP ASA to supply its Safe Scandinavia tender support vessel (TSV).

The vessel will be used to provide accommodation support for Aker BP’s Ula platform located in the North Sea, Norway, for seven months. The contract includes eight one-month options, which if exercised will bring the total value of the contract to $36.7m.

Based in Cyprus, Prosafe is an owner and operator of semi-submersible accommodation vessels, while Aker BP is an oil exploration and development company based in Norway.