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Together, Rockwater and Crescent will create one of the largest oilfield water management services companies serving key shale plays across the U.S. and Western Canada, according to the release.
The workforce reductions are a component of the 'synergies' expected over the coming months as it fully integrates the companies, said Enbridge spokesman Todd Nogier.
A more than 50% fall in global crude prices since 2014 has triggered a wave of consolidation in the oilfield services industry, which has been battered by a sharp drop in service prices.
Amec Foster Wheeler investors will receive 0.75 new Wood Group shares for each share held, the company said. They will own 44% of the merger group but Wood Group executives will take the top jobs.
Analysts at Capital Link forum consider midstream ‘safer’ sector for investors.
Analysts welcomed the deal, under which Shell has agreed to sell its existing and undeveloped Canadian oil sands interests to Canadian Natural and to cut its share in the Athabasca Oil Sands Project to 10% from 60%.
The FTC said the firms agreed to resolve the charges by adopting a consent decree that would require Enbridge to notify the panel before acquisitions in areas off Louisiana.
Pelican is the financial partner which supported the recapitalization and combination of the companies. The terms of the transaction weren't disclosed.
Tellurian Investments was founded as a private company on Feb. 23, 2016, by Charif Souki and Martin Houston.
The company’s acreage position will increase by nearly 46% in Parsley’s 'transformational' Permian deal, analysts said.
Reuters said this comes soon after Frontline, John Fredriksen's listed oil tankers operator, launched a US $475 million offer for Double Hull Tankers, while Fredriksen is also trying to resolve a US$14 billion debt crisis at Seadrill, where he is chairman and the biggest shareholder.
Delek already owns 19.7% of Ithaca. The offer, a premium of about 12% to Ithaca's closing price of C$1.74 on Feb. 3, implies an enterprise value of about $1.24 billion.