OFS - Sembmarine looks to raise $1.5B as it exits Sembcorp Industries - July 2020Singapore-based Sembcorp Marine, also known as Sembmarine, proposed a S$2.1 billion ($1.5 billion) renounceable rights issue in an effort to recapitalize amid the downturn. The transaction will be a demerger, separating Sembmarine from Sembcorp Industries. Sembcorp Industries will purchase 70% of the rights with investment firm Temasek Holdings agreeing to sub-underwrite the remainder. After the offering closes, Sembcorp Industries will distribute the new rights and the 60% stake it...
Jul 01, 2020
A&D - Talos emerges as largest public GOM pure-play in $640MM deal - December 2019Gulf of Mexico producer Talos Energy struck a series of deals totaling $640 million to acquire interests in producing fields and exploration prospects from affiliates of ILX Holdings, Castex Energy and Venari Resources. The acquired Q3 net production of 19,000 boe/d (65% oil, 72% liquids) will boost Talos’ total by 35% to 72,000 boe/d. Following completion of the deals, expected in 1Q20, the company says it will be the largest publicly traded GOM pure-play. “Our team’s never been afraid...
Dec 19, 2019
OFS - Temasek Holdings makes $3 billion bid to take control of Keppel - October 2019A subsidiary of Singapore state-owned investor Temasek Holdings is offering S$4.1 billion ($3 billion) to acquire a majority stake in Keppel Corp., a Singapore conglomerate that is a major builder of offshore rigs. The offer also spurred interest in Singapore-based competitor Sembcorp Marine on suspicions that it could become consolidated too. The subsidiary, Kyanite Investment Holdings, intends to offer to buy 30.55% of Keppel shares at S$7.35 per share in cash, a 26% premium from...
Oct 29, 2019
Saudi sov. fund PIF borrows $11 billion, confirms SABIC talksSaudi Arabia’s sovereign Public Investment Fund signed an $11 billion loan on Sept. 17, and confirmed it was discussing the sale of its 70% stake in petrochemical company Saudi Basic Industries Corp. to Saudi Aramco for up to $70 billion. PIF said its first commercial borrowing drew more interest than expected and became larger than initially planned. People familiar with the transaction had earlier reported PIF was looking to borrow $6.0-8.0 billion.“This is the first step in...
Sep 27, 2018
Noble Group shareholders OK $3.5 billion debt restructuringA majority of shareholders ratified Noble Group Ltd.’s plan to restructure $3.5 billion of debt at a special meeting on Aug. 27. The plan would help keep the company, once the largest Asian commodity trading house, from going under. Under the debt-for-equity deal, Noble’s debt was cut in half and the company will have access to trade finance and hedging facilities. Creditors received more than 70% of the restructured business and existing shareholders were reduced to 20% of the new equity while...
Sep 07, 2018
Temasek leads $200MM round for U.S.-based Cypress CreekSingapore’s sovereign investment fund Temasek Holdings Ltd. led a group of investors in a $200 million preferred round of financing for Cypress Creek Renewables, a U.S.-based clean energy tech developer that develops and builds solar projects and expects to place in service over 3.2 GW of generating assets by YE18. Cypress Creek said the Temasek-led investment in preferred stock and warrants represents up to 10% of the company. Temasek is a return investor in the company. In July 2017...
Aug 16, 2018
People & Companies - September 8, 2017David F. Mackie, founding member of
Altagas and member of the board, passed
away on Aug. 14. He had been a director
of AltaGas and its predecessors since 1995.
He spent 32 years in various executive
capacities, primarily
with El Paso Natural
Gas Co. and Transco Energy. He also
provided consulting services.
Comstock Resources announced
the retirement of Mack D. Good from his
position as COO. Daniel S. Harrison has
been appointed operations VP and will
oversee Comstock's drilling,...
Sep 08, 2017
Ardian to invest $2.5 billion in Abu Dhabi wealth fundFrench fund manager Ardian will invest $2.5 billion in private equity funds run by Mubadala Capital, the sovereign wealth fund of the government of Abu Dhabi. Under the agreement announced by the two companies, Ardian will invest $1.75 billion to take a majority stake in a $2.5 billion portfolio that includes mainly North American buyout and growth funds as well as other direct investments.“This deal represents one of Ardian’s largest transactions with a sovereign wealth fund,” Ardian’s...
May 22, 2017
Hony boosts stake in Santos with $136 million equity buyBeijing-based Hony Capital increased its stake in Australia’s Santos Ltd. to 15.1% from 12.8% after it purchased an additional 48 million shares at a price of A$3.84 per share, a transaction valued at about $A184 million ($136.3 million). In a filing with Australian securities regulators, Santos said the purchase price was a 6% premium to the closing price on May 3.Hony’s stake in Santos has waxed and wanted over time. In March 2016, Hony owned 11.7% of Santos, which it sold to the...
May 22, 2017
DNO returns to Norwegian offshore with Origo purchaseNorway’s first oil company is coming back home after building a successful upstream business in the Middle East. Six years after selling its last interests on the Norwegian Continental Shelf, Oslo-based DNO has agreed to acquire Origo Exploration, a privately held explorer with seven licenses offshore Norway and four off the UK. The acquisition will require no cash or equity consideration from DNO, only the assumption of Origo’s drilling commitments and license obligations.Origo...
May 17, 2017
ProPetro, FTS International & Liberty file for IPOsA trio of IPO hopefuls has hit the US oilfield services sector by storm, hoping that an aggregate of nearly $500 million could be raised for the small but growing frackers, each of which is adding more horsepower as better oil prices prop up the US activity. Midland-based fracking company ProPetro Holding Corp. filed a Form S-1 registration statement with the SEC to offer shares to the public for the first time as it seeks to raise $345 million. A few weeks earlier, Denver’s Liberty Oilfield...
Mar 08, 2017
FTS International testing waters with IPO proposalFTS International, a leading fracking company, hopes to raise up to $100 million through a potential IPO, looking for some cash as it responds to renewed interest in US plays. The Fort Worth-based company has seen prices rising for its services since 3Q16, it said in a filing with the US Securities and Exchange Commission. The company disclosed in its filing that total frac stages have been rising since 1Q16, when they hit a low of 3,273. However, the 4Q16 number of 5,050 stages are...
Feb 28, 2017
Temasek sub invests in Antero Resources - December 9, 2016A subsidiary of Singapore’s sovereign wealth fund Temasek, Evans Investments Pte Ltd., bought 6,730,769 shares of US shale-gas-focused Antero Resources’ common stock at $26 each for a total of nearly $175 million. The early-October investment gives Evans slightly over 2% of Antero’s common shares...
Dec 09, 2016
GIP acquires 20% stake in Spanish utility Gas NaturalRepsol and Criteria Caixa have each agreed to sell a 10% stake in Spanish utility Gas Natural Fenosa to New York investment group Global Infrastructure Partners. GIP will pay €19.00/share or €3.8 billion (US$4.3 billion) cash and assume the sellers’ combined portion of Gas Natural’s €15.83 billion ($17.8 billion) net debt for a total purchase price of €7.0 billion ($7.8 billion).Repsol will retain 20% equity in Gas Natural while Criteria Caixa—the industrial holding company that owns...
Sep 12, 2016
IS - Asia Briefs - November 26, 2019Abu Dhabi Future Energy Co., also known as Masdar, bought a 20% stake in India’s Hero Future Energies for $150 million. Masdar is owned by Mubadala, the emirate’s sovereign wealth fund. Hero will use the funds to expand its renewable energy portfolio into Africa and within India and Southeast Asia. International Finance Corp.is an existing Hero shareholder, having invested $125 million in the company in 2017. ]Beijing’s Asia Infrastructure Investment Bank invested $50 million in the...
Nov 26, 2019