Deals and M&As this week: Mammoet, Ashtead Technology, Transocean Poseidon

25 January 2019 (Last Updated January 25th, 2019 10:12)

Mammoet has formed a collaboration with Astro Offshore to deliver onshore and offshore transport solutions for oil and gas projects in the Middle East.

Mammoet has formed a collaboration with Astro Offshore to deliver onshore and offshore transport solutions for oil and gas projects in the Middle East.

The partnership will enhance Mammoet’s barge and tug fleet in the region, as well as strengthen its business by enabling the company to provide a range of transport services to its customers.

Based in the Netherlands, Mammoet is a provider of heavy lift transport services, while Astro Offshore is a UAE-based offshore and maritime chartering company.

Ashtead Technology has signed a partnership for the global distribution of sensor technology.

The sensor technology will be distributed to the oil and gas industry and include a combination of sensor engineering and technologies of both the companies. The technology will enable companies to increase the life of subsea assets and minimise risk and operational costs.

“Ashtead Technology has signed a partnership for the global distribution of sensor technology.”

The partnership will add 4Subsea’s autonomous sensors to Ashtead’s portfolio and enable the two companies to expand their product offerings to their customers.

Based in the UK, Ashtead is an inspection and maintenance services provider, while 4Subsea is a Norwegian provider of engineering technology to the oil and gas industry.

Transocean Poseidon plans to raise $550m through a private offering of senior secure notes.

The notes bear an interest rate of 6.875% and are due 2027.

The proceeds from the offering will be used towards the construction of the Deepwater Poseidon drillship. The rig has a maximum drilling depth of 40,000ft and a transit speed of 12.4k.

Transocean Poseidon is a subsidiary of Swiss offshore drilling contractor Transocean.

South Korean oil and gas company Korea National Oil Company (KNOC) plans to divest 30% interest in its subsidiary Dana Petroleum.

The 30% interest is expected to be worth £410m ($529.5m).

The divestment is expected to enable KNOC to reduce its debt.

Toscafund Asset Management has completed the divestment of its stake in Anglo African Oil & Gas to less than notifiable level.

The company previously held a 5.8% interest in Anglo African.

Both based in the UK, Toscafund Asset Management is an investment firm, while Anglo African is an oil and gas company.