Deals this week: Exxon Mobil, Valiant Offshore, Farstad Supply

1 June 2018 (Last Updated July 27th, 2018 08:48)

US-based oil and gas company Exxon Mobil Corp (ExxonMobil) has acquired 25% interest in exploration block-G (Block 2265-1) from Oil and Gas Development Company (OGDC), Pakistan Petroleum Ltd (PPL) and Eni Pakistan (M) Ltd.

US-based oil and gas company Exxon Mobil (ExxonMobil) has acquired 25% interest in exploration block-G (Block 2265-1) from Oil and Gas Development Company (OGDC), Pakistan Petroleum Ltd (PPL) and Eni Pakistan (M) Ltd.

The exploration block-G (Block 2265-1) is located in the Indus Basin, 250km off the coast of Karachi, Pakistan, in water depths between 1,800m and 2,800m.

ExxonMobil acquired an 8.33% interest in the block from OGDC, an 8.33% interest from PPL, and an 8.34% from Eni, as part of the transaction.

The partners in the block before the deal were Eni (33.33%, operator), OGDC (33.33%), and PPL (33.33%). The new owners in the block post the deal are Eni (24.99%, operator), OGDC (25%), PPL (25%) and ExxonMobil (25%).

Oil and Gas Development Company (OGDC), Pakistan Petroleum Ltd (PPL) and Eni Pakistan (M) Ltd are all oil and gas companies based in Pakistan.

The transaction is expected to strengthen ExxonMobil’s oil and gas asset base.

Valiant Offshore has agreed to raise funds by issuing 17.5 million shares in a private placement.

Valiant is a drilling service provider and a subsidiary of Ocean Rig UDW, an offshore drilling contractor based in The Republic of Cyprus.

Ocean Rig UDW has simultaneously agreed to purchase two fifth-generation adverse environment semi-submersible rigs named Leiv Eiriksson and the Eirik Raude.

The funds raised from the placement will be used by the company to partially pay for the acquisition of the Leiv Eiriksson rig, as well as working capital and general corporate purposes.

“Valiant Offshore has agreed to raise funds by issuing 17.5 million shares in a private placement.”

Farstad Supply has divested two of its Anchor Handling Tug Supply (AHTS) vessels named Far Senior and Far Sailor.

The 1998-built AHTS vessel Far Senior has a deadweight of 2,736t, while the Far Sailor is a Norway-flagged AHTS vessel built in 1997 with a deadweight of 2,681t.

Based in Norway, Farstad Supply is a manufacturer and supplier of large, modern offshore support vessels and a subsidiary of Norwegian offshore vessels owner and operator Solstad Farstad.

Odfjell has been awarded a contract worth between $150m and $200m by Equinor to drill six production wells at the Fram and Askeladd licences located in the Norwegian continental shelf (NCS).

The company will provide its Deepsea Atlantic rig to the drill the wells, as part of the contract.

A master framework agreement (MFA) was also signed by the two companies for future rig contracts on the NCS.

Odfjell is a drilling, engineering, and well service contractor, while Equinor (formerly Statoil) is an oil and gas company.

Both companies involved in the deal are based in Norway.

Semco Maritime has been awarded contract by Floatel International to upgrade the Floatel Victory accommodation rig to take up a project for Maersk Oil in the North Sea, UK.

Based in Denmark, Semco Maritime is a project engineering company providing projects, solutions and manpower to the energy sector, while Floatel International is a Swedish provider of offshore accommodation and construction support services to the oil and gas industry.