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Marathon Oil agreed to sell its Norway assets (Marathon Oil Norge) for USD 2.7 billion to Det norske oljeselskap. After all adjustments, Marathon Oil expects net proceeds of around USD 2.1 billion at closing. Transaction closing is expected in fourth-quarter 2014. Marathon Oil Norge’s assets include 136 million BOE of 2P reserves, 24 million BOE of 2C contingent resources, and around 80 million BOE best-estimate upside in discoveries.

Repsol sold what remained of the Argentine government bonds it received from Argentina in compensation for the country’s nationalization of YPF. Sold to JP Morgan Securities, the bonds’ nominal value is USD 117.36 million. This is the final step in canceling Argentina’s overall debt to Repsol of around USD 5 billion. Repsol also sold its remaining 0.48% stake in YPF.

Enduring Resources signed an agreement with American Energy–Permian Basin (AEPB) to sell AEPB around 63,000 net acres of leasehold in the southern Permian Basin, primarily in Regan and Irion counties, Texas, for USD 2.5 billion. AEPB plans to drill up to around 2,500 gross wells and 1,750 net wells on this acreage over the next decade. Upon completion of the transaction, the properties are expected to have net production of around 16,000 BOE/D.

BG Group agreed to sell its equity interest in the Central Area Transmission System (CATS) gas pipeline in the UK North Sea and associated infrastructure to Antin Infrastructure Partners for total proceeds of up to USD 954 million. Under the agreement, BG will sell its 62.78% interest in CATS for USD 888 million, and a deferred amount of USD 66 million. CATS comprises a fixed-riser platform linked to the Everest oil and gas platform; a 1.7-Bcf/D-capacity, 251-mile subsea pipeline; and a two-train onshore gas processing terminal whose capacity is 1.2 Bcf/D.


UK well intervention tool specialist Peak Well Systems opened a new technology facility in Dubai. Peak will maintain a large inventory of rental tools in Dubai for rapid mobilization of well intervention equipment within the Middle East and North Africa. The center also includes a large assembly and testing workshop facility for after-sales support.

Emerson Process Management plans to open a 200-m2 flow loop facility for its Roxar technology group in Stavanger, Norway. The facility, which is designed to replicate three-phase flows in oil and gas production, will also increase the company’s capacity to run factory acceptance tests without relying on third-party facilities.


Vallourec has been selected by a consortium led by Subsea 7 and Technip to supply premium line pipes and welding services for the TEN (Tweneboa, Enyenra, and Ntomme fields) ultradeepwater oil and gas development project, located around 60 km off the coast of Ghana, operated by Tullow Oil (47.175% interest). Vallourec will provide Subsea 7 with seamless offshore line pipe, including anticorrosion coating, for a total of 15,000 tonnes. The pipes will be dedicated to production flowlines (pipe-in-pipe system by ITP InTerPipe) and a gas export line. Deliveries are currently in progress.

Maersk Oil awarded Technip two subsea contracts whose worth is estimated at somewhere between USD 68 million and USD 136 million. The contracts are for the Valdemar and Roar gas lift project and the Rolf replacement pipeline project, both located approximately 250 km offshore Esbjerg, Denmark. Scope of work includes fabrication and installation of two riser caissons on the Valdemar and Roar platforms; fabrication and installation of an 8-in., 18-km flowline between the Rolf A and Gorm E platforms; pipeline trenching and protection operations; fabrication and installation of 34 spools; and offshore commissioning.

Aker Solutions has secured a framework contract to provide engineering, modifications, and maintenance services for BP-operated oil and gas fields offshore Norway. The contract, valued at a maximum of USD 292 million, has a period of up to 2 years, with options to extend the work by as many as 4 years. The agreement is for work on the Ula, Tambar, Hod, Skarv, and Valhall fields. The scope of work includes studies, maintenance, and modification project work, as well as preparation work for offshore decommissioning.

Freeport-McMoRan Oil & Gas awarded Subsea 7 a contract worth over USD 50 million, supporting KOQV and Holstein field development in the Gulf of Mexico. The scope of work covers installation of flexible pipelines and umbilicals for both fields, with offshore installation expected to be executed in fourth-quarter 2015.

An option granted under a contract Plexus Holdings won from Maersk Oil was converted to a firm order to provide wellhead system and mudline services for an additional well offshore Denmark. The value of the additional order is estimated at USD 2.4 million and revenue is expected to commence in October 2014. Under the terms of the option, Plexus will supply its 18¾-in., 15,000-psi surface wellhead and mudline systems for use on a standard pressure well for exploration activities in the central Danish North Sea.

ASL Marine Holdings’ wholly owned subsidiary ASL Shipyard has secured new shipbuilding contracts worth around USD 73 million from customers in Australia and Norway. The scope of work includes construction of three infield support vessels and one seismic support vessel. The four vessels are expected to be completed in first-quarter 2016.

Seadrill secured commitment from Total Upstream Nigeria for deployment of the newbuild, ultradeepwater drillship West Jupiter, to support the Egina ultradeepwater project offshore Nigeria. The contract is for a firm period of 5 years and has a total revenue potential of approximately USD 1.1 billion for the primary contract term, inclusive of mobilization. The West Jupiter is expected to be delivered from the Samsung Heavy Industries shipyard in Geoje, South Korea, in August 2014. The rig will be outfitted to work in up to 10,000 ft of water and is capable of working in water depths of up to 12,000 ft and drilling depths of up to 37,500 ft.