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September 21, 2018

Deals this week: Geoquip Marine, Azinam, Zennor North Sea

Geoquip Marine has secured funding from Njord Partners, a UK-based private equity firm.

Geoquip Marine has secured funding from Njord Partners, a UK-based private equity firm.

Based in Switzerland, Geoquip Marine is an offshore geotechnical engineering and drilling company.

The investment is expected to help Geoquip support and strengthen its future business growth plans.

Azinam has acquired 40% operating interest in Block 3B/4B and 51% operating interest in Nearshore Block 3B/4B from Ricocure (Pty) Ltd.

The two oil blocks lie in the Orange Basin off the coast of South Africa, over an area of 18,530km².

Ricocure will retain the remaining 60% stake in Block 3B/4B and 49% stake in the Nearshore Block 3B/4B.

Based in Bermuda, AziNam is engaged in petroleum exploration. Ricocure is an offshore exploration, development and production company based in South Africa.

The acquisition will help Azinam expand its footprint in South Africa and expand its portfolio in West Africa.

Zennor North Sea has entered an agreement with Mitsui E&P UK (MEPUK) to purchase stakes in various licences, including P.213, Block 16/26a, Area B and P.345 Block 16/27b Area B, representing 8.97% working interest in the Britannia field in the UK Continental Shelf.

“The two oil blocks lie in the Orange Basin off the coast of South Africa, over an area of 18,530km².”

Zennor North Sea is an oil and gas exploration and production services provider and a subsidiary of Zennor Petroleum, while Mitsui E&P UK is a subsidiary of Mitsui & Co, a general trading company.

Both companies involved in the transaction are based in the UK.

The transaction is expected to strengthen Zennor’s portfolio in the UK North Sea.

Total E&P Activités Pétrolières plans to acquire 25% working interest (WI) in the Orinduik block located off the coast of Guyana from Eco Atlantic (Guyana) for $12.5m.

The Orinduik block is in the shallow waters of the prospective Suriname Guyana basin and covers 1,800km².

Total will hold 25% WI in the Orinduik block, while Tullow Oil will hold 60% operating interest and the remaining 15% interest will be held by Eco Guyana.

Based in France, Total E&P Activites Petrolieres is a subsidiary of Total Petroleum and provides exploration services to the oil and gas industry, while Eco (Atlantic) Guyana owns and operates oil and gas reserves and is based in Guyana.

Proceeds from the sale will be used by Eco to pay for the drilling costs on the Orinduik block and to recover expenses incurred during the 3D seismic surveys.

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