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.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

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.

See Also:
"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.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

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.