Acquisitions & Divestitures - Service & Supply

U.S. engineering firm McDermott’s US$2.26 billion term loan fell in the secondary loan market on April 24 after a US$2 billion unsolicited bid from offshore oil services firm Subsea 7 threatened to break up McDermott’s agreed bid for onshore engineering firm Chicago Bridge & Iron (CB&I).

Crude production in the country has dropped to less than half its level in 1998.

Italian oil services group Saipem is looking round for growth opportunities after a bid by rival Subsea 7 for U.S. contractor McDermott sent waves through the sector.

Halliburton posts a 34% increase over the same period last year. The company has delivered the highest returns in the industry for the last five quarters, its CEO said.

McDermott International Inc. (NYSE:MDR) and CB&I (NYSE:CBI) said that following the closing of the combination, the combined company intends to retain the name McDermott.          

Subsea 7 said in a statement on April 23 its bid proposal was subject to the termination of McDermott's pending transaction with CB&I.

The company’s chief executive says more global E&P spending is needed to minimize an impending production deficit.

Baker Hughes said oilfield services revenue rose 10.1% to $2.64 billion in the quarter, with the company winning major contracts in the Permian Basin and the Gulf of Mexico.

Seadrill aims to expand relations with Schlumberger and other service firms following approval of its multibillion-dollar debt restructuring plan, CEO Anton Dibowitz told Reuters.

The nine justices heard about an hour of arguments that will resolve the amount of money that rival ION Geophysical must pay for infringing Schlumberger technology.

Barclays says its survey of the top 40 U.S. onshore producers shows preliminary upstream budgets up by 9% so far this year.

Working with Harvard University and the Smithsonian Astrophysical Observatory, EDF’s goal is to launch a satellite within three years in an effort to cut methane emissions from oil and gas facilities by 45% by 2025.