Mergers and Acquisitions

Abu Dhabi National Energy Company (TAQA) agreed to buy from BP oil and gas assets in the UK North Sea worth more than USD 1 billion. The acquisition consists of interests in the Harding (70%), Maclure (37.03%), and Devenick (88.7%) fields in the central North Sea. TAQA will also increase its nonoperated interests in the Brae area and associated transport infrastructure including the SAGE system, Forties-Brae, and Forties-Braemar pipelines. Total consideration for the transaction is USD 1.058 billion, plus certain potential contingent payments. The transaction is expected to complete in second-quarter 2013.

ZaZa Energy entered into a definitive share-purchase agreement with Vermilion Energy, whereby Vermilion, through its wholly owned subsidiary Vermilion REP, will acquire 100% of the shares of ZaZa Energy France (ZEF) for a purchase price of about USD 85.8 million, subject to customary closing adjustments. ZEF’s operating interests cover about 24,300 acres and 100% working interests in the Neocomian Complex and Charmottes fields in the Paris Basin.

Nexen and China National Offshore Oil Corporation (CNOOC) have withdrawn and resubmitted their application to the Committee on Foreign Investment in the United States (CFIUS) to approve CNOOC’s proposed USD-15.1-billion takeover of Canada-based exploration firm Nexen. The companies have resubmitted to the CFIUS a Joint Voluntary Notice related to the acquisition. The closing of the arrangement is still subject to the receipt of applicable government and regulatory approvals, including authorities in the US, Canada, the European Union, and China. Other customary closing conditions also must be satisfied or waived.

Aker Solutions is buying Canadian asset integrity management (AIM) company Thrum Energy. The acquisition will grow Aker Solutions’ AIM portfolio and increase the company’s presence in the Atlantic Canada market. Thrum Energy is a St. John’s, Newfoundland-based AIM company that provides a diverse portfolio of quality services to both onshore and offshore assets in Canada.

The Russian government has given its approval for state-controlled Rosneft to buy 100% of TNK-BP from BP and the AAR consortium of Russian billionaire shareholders. Under the terms of the deals announced in October, BP will receive USD 17.1 billion in cash for its 50% stake plus stock representing 12.84% of Rosneft’s shares, while the AAR consortium of Russian shareholders will sell its 50% stake in the joint venture for cash consideration of USD 28 billion.

Kongsberg Oil & Gas Technologies (KOGT), a wholly owned company of Kongsberg, entered into an agreement to acquire 100% of the shares in Advali. The acquisition will strengthen KOGT’s capabilities and efficiency in software development, testing, and support. Advali, founded in Norway in 1997, established facilities in Bangalore, India, in 2003, focusing on software development and testing. All 120 employees are now based in Bangalore.

Curtiss-Wright Corporation acquired Cimarron Energy, through the acquisition of its parent company Cimarron Energy Holding Company, for about USD 135.1 million in cash. Cimarron is a leading manufacturer of highly customized and engineered energy production, processing, and environmental solutions for the US oil and gas industry. The business will become part of Curtiss-Wright’s Flow Control segment.