Aban Singapore Pte Ltd., a subsidiary of Aban Offshore Ltd., Chennai, India, (Bombay: 523204) plans to acquire the remaining shares of Sinvest ASA, Kristiansand, Norway, (Oslo: SIN) for approximately US$800 million. Aban holds 50.01% interest in Sinvest, a jack-up drilling company that owns three premium jack-up rigs and five rigs under construction in Singapore. Two work for Hardy Oil and Shell Brunei while the third has secured work for Shell Malaysia. Sinvest owns a 50% stake in Norway-based Venture Drilling AS, which owns a drillship on long-term contract to ExxonMobil in West Africa, and 100% of Norway-based Beta Drilling AS, which provides jack-up drilling.
Recommended Reading
Baker Hughes Awarded Saudi Pipeline Technology Contract
2024-04-23 - Baker Hughes will supply centrifugal compressors for Saudi Arabia’s new pipeline system, which aims to increase gas distribution across the kingdom and reduce carbon emissions
BP Restructures, Reduces Executive Team to 10
2024-04-18 - BP said the organizational changes will reduce duplication and reporting line complexity.
OFS Sector Loses Jobs, but Trade Org Says Growth Potential Remains
2024-05-08 - According to analysis by the Energy Workforce & Technology Council, the OFS job market may still have potential for growth despite a slight decrease in the sector in April.
Dividends Declared in the Week of May 6
2024-05-10 - Here is a selection of upstream, midstream and service and supply companies’ dividends declared in the past week.
Kimmeridge Fast Forwards on SilverBow with Takeover Bid
2024-03-13 - Investment firm Kimmeridge Energy Management, which first asked for additional SilverBow Resources board seats, has followed up with a buyout offer. A deal would make a nearly 1 Bcfe/d Eagle Ford pureplay.