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Gulf Capital has completed the divestment of its stake in Gulf Marine Services (GMS).

Based in the UAE, Gulf Capital Pvt. JSC is a private equity firm, while Gulf Marine Services, also based in the UAE, owns and operates self-propelled Self Elevated Support Vessels (SESV).

SOCO International has divested its 85% stake in SOCO Congo to Coastal Energy Congo for $10m.

The transaction also involves payment of an overriding royalty interest of $1 per barrel on oil and condensate production being sold from the four exploration permits Lidongo, Viodo, Lideka, and Loubana located in the shallow waters offshore Brazzaville, Congo.

SOCO Congo indirectly holds a 40.39% operated interest in each of the four permits.

Based in the UK, SOCO International is an oil and gas exploration and production company, while SOCO Congo is an oil and gas exploration and production company based in Congo and Coastal Energy Congo is a subsidiary of Coastal Energy Holding, a company involved in the development of offshore oil reserves in West Africa.

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By GlobalData

SOCO International intends to use the proceeds to fund its growth plans and pay its annual dividend.

“SOCO International has divested its 85% stake in SOCO Congo to Coastal Energy Congo for $10m.”

The transaction is also expected to strengthen Coastal Energy’s offshore oil and gas assets base in Congo.

US-based digital industrial company General Electric Company (GE) plans to divest 62.5% stake in its subsidiary and oil field products and services company, Baker Hughes.

The divestment will reduce the company’s debt and strengthen its business operations.

INA Industrija nafte (INA) has entered an agreement to purchase 100% stake in Eni Croatia from Eni SpA.

The transaction will provide INA with 100% interest and operatorship of the Northern Adriatic and Marica fields.

Based in Croatia, INA is an integrated oil and gas company, while Eni Croatia is an Australian oil and gas company and Eni SpA is a multi-national oil and gas company based in Italy.

The acquisition is expected to strengthen INA’s Croatian business operations.