Acquisitions & Divestitures - Service & Supply

McDermott Loan Slides As Investors Digest Subsea 7’s Hostile Bid

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).

1:23 pm

Halliburton Writes Off Investment In Crisis-Hit Venezuela

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

10:17 am

Saipem Scouting Around As Subsea 7 Bid Makes Waves

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.

8:31 am

Halliburton Posts 1Q Gain Despite Operational Challenges

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.

April 23, 2018

McDermott To Retain Name When CB&I Combination Closes

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.          

April 23, 2018

Subsea 7 Makes $2 Billion Hostile Bid To Break Up McDermott's US Deal

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.

April 23, 2018

Schlumberger CEO Warns Of Tightening Oil Market

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

April 20, 2018

Baker Hughes Profit Beats On Oilfield Services Growth

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.

April 20, 2018

Seadrill's Bankruptcy Exit Plan Receives US Court Approval

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.

April 18, 2018

Schlumberger Fights To Boost Patent Damages At US Supreme Court

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.

April 16, 2018

Analysts' Survey Shows Rise In US Onshore Upstream Budgets In 2018

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

April 12, 2018

EDF Aims To Take Methane-Fighting Mission To Space With Satellite

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.

April 12, 2018