Flotek Industries Inc has agreed to dispose its Drilling Technologies segment to National Oilwell Varco LP for $17m.

The Drilling Technologies segment offers down-hole drilling tools for oilfield, mining and water industries.

Proceeds from the sale are intended to be used by Flotek Industries to reduce the outstanding debt on its balance sheet.

The transaction is scheduled for completion by mid-May 2017.

Shelf Drilling Ltd has agreed to acquire three jack-up drilling rigs, namely West Triton, West Resolute and West Mischief, from subsidiaries of Seadrill Limited.

"The deal involves a purchase consideration of $225m."

The deal involves a purchase consideration of $225m, which will be funded by Shelf Drilling through the proceeds from private placement of shares.

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By GlobalData

The three rigs will join the 36 existing jack-up drilling rigs of Shelf Drilling. The transaction forms part of Shelf Drilling’s strategy to strengthen its fleet.

Steam Oil Production has agreed to explore the application of FluidOil’s Viscositor Heavy-to-Light (VHTL) oil upgrading technology in an offshore steam-flooding project.

Steam Oil and FluidOil will assess the possibilities to achieve optimal process synergy, as part of the agreement.

Steam Oil owns multiple licences of heavy oil reservoirs in the UK Western Platform, approximately 140km east of Aberdeen.