Patterson-UTI Energy has agreed to acquire all of the issued and outstanding shares of Seventy Seven Energy.
The purchase consideration for the acquisition includes approximately $1.76bn of cash and issue of approximately 49.6 million Patterson-UTI shares to the shareholders of Seventy Seven Energy.
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Seventy Seven Energy owns a fleet of 40 high-specification drilling rigs and modern fracturing equipment located in the Anadarko Basin and Eagle Ford Shale.
Simmons & Company International is the financial advisor and Vinson & Elkins is the legal advisor for the transaction.
Scheduled for completion in the first quarter of 2017, the acquisition will allow Patterson-UTI to fortify its position in the US land drilling market.
Matrix PDM Engineering has completed the acquisition of Houston Interests for a cash consideration of $46m.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataHouston Interests provides consulting, engineering, design, construction and fast-track turnkey plant integration solutions for energy industry.
The acquisition allows Matrix PDM to expand its products and services portfolio.
Inter Pipeline has agreed to buy the remaining 15% interest in Cold Lake Pipeline from Canadian Natural Resources.
The $400.09m deal will be funded by Inter Pipeline through a combination of cash and equity.
The 1,400km-long Cold Lake pipeline system carries diluted bitumen from the Cold Lake oil sands area of Alberta to delivery points in the Hardisty and Edmonton areas. The nominal capacity of the pipeline is 1.9 million barrels a day.
Inter Pipeline will hold 100% stake in Cold Lake Pipeline upon completion of the transaction.
BMO Capital Markets is the financial advisor to Canadian Natural for the transaction, which is scheduled for completion by the end of this year.
Silk Road Fund Company has agreed a $1.2bn acquisition of a 10% stake in Sibur Holding.
Sibur’s energy division is engaged in the processing and distribution of natural gas, liquefied petroleum gas (LPG) and other fuels and fuel additives.
Scheduled for completion in January 2017, the acquisition will expand Silk Road Fund’s oil and gas investment portfolio.
PrairieSky Royalty has signed an agreement with Pengrowth Energy Corporation to acquire a 4% non-convertible gross overriding royalty interest in Lindbergh SAGD thermal oil project (Lindbergh and Muriel Lake properties) in Alberta, Canada.
The $190.46m deal will be funded by PrairieSky using the proceeds raised from a concurrent equity offering.
The Lindbergh property extends across an area of approximately 42.5 sections of land in the Cold Lake area in Alberta.
Pengrowth has appointed TD Securities as financial advisor to Pengrowth for the transaction, due for completion on or before 6 January 2017.
