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.
SBM Offshore Completes Financing of Liza Unity FPSO
As construction continues, SBM Offshore secured the $1.14 billion needed to finance work on the vessel. Liza Unity is scheduled for deployment at ExxonMobil's Liza Phase 2 development offshore Guyana.
Santos Acquires ConocoPhillips Australian Assets for $1.39 Billion
The deal for ConocoPhillips’s northern Australian portfolio will help the Australian company boost its position in the country’s gas market, as it gains majority ownership in a set of key assets including Darwin LNG and the Barossa project.
Total Expands Partnership With Adani on India’s Gas Market
The agreement—in which Total will reportedly pay $600 million for a 37.4% stake in the Indian gas conglomerate—boosts the supermajor’s LNG market access in India and neighboring countries. It is the latest move in Total’s aggressive expansion of its LNG portfolio.
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.
03 October 2019
08 October 2019
03 October 2019
02 October 2019