Baker Hughes To Sell Its Natural Gas Solutions Business
Baker Hughes, a GE company (BHGE), has agreed to sell its natural gas solutions (NGS) business to two separate entities, First Reserve and Pietro Fiorentini, for a combined value of $375 million. NGS is part of BHGE’s Turbomachinery & Process Solutions (TPS) segment, providing commercial and industrial products such as gas meters, chemical injection pumps, pipeline repair products, and electric actuators.
GE acquired the division in 2011 when it bought Dresser Inc. for $3 billion.
First Reserve, a global private equity investment firm focused exclusively on energy, will buy the NGS product line. This transaction includes the transfer of approximately 450 employees located in eight countries, including three manufacturing sites in North America and the UK.
In a separate transaction, Pietro Fiorentini will buy the Talamona, Italy, branch of BHGE’s NGS product line. The transaction includes the transfer of approximately 40 employees and a manufacturing site in Talamona.
Both transactions are expected to close in the second half of 2018; financial terms of the agreements were not disclosed.
ADNOC and CNOOC To Collaborate in Upstream, Downstream, and LNG
ADNOC and CNOOC will explore multiple new opportunities for collaboration across the upstream and downstream sectors in the UAE and China.
Private Equity Fund To Acquire BHGE’s Reciprocating Compression Division
The reciprocating compression division manufactures and services compression and engine systems that are used in a variety of applications, including the transmission of natural gas across domestic and international pipelines.
Total To Sell UK North Sea Assets to JV
The $635-million deal sees Oman-based Petrogas and Norwegian private equity company HitecVision acquire a package of non-core North Sea assets, including 100% ownership stake in four fields.
Don't miss out on the latest technology delivered to your email every two weeks. Sign up for the OGF newsletter. If you are not logged in, you will receive a confirmation email that you will need to click on to confirm you want to receive the newsletter.
16 July 2019
10 July 2019
15 July 2019