Sandvik To Sell Exploration Business to M Group Subsidiary
Swedish engineering company Sandvik became the latest company looking to divest a portion of its oil and gas business during the economic downturn. The company is selling its exploration business for an undisclosed cost to M Group of Companies subsidiary Drillman, an Australian equipment provider and technical support company specializing in geotechnical, mineral exploration, horizontal, directional, and upstream gas drilling.
The divestment is in line with Sandvik’s plans to improve profitability and M Group’s long-term strategy to expand its international footprint.
The deal, which includes exploration rigs, consumables, production stock, and selected trademarks and patents, is subject to regulatory approval and is expected to close in the fourth quarter.
Rystad Sees Global E&P Players Investing $380 Billion in 2021, Says About 20% Is at Risk
Of the total $380 billion of projected investments, about 60% ($234 billion) is likely to come from producing assets, which have two main spending channels: facility and well capital expenditures.
Petrobras Offers 50% Stake in Marlim Cluster
The cluster is the third largest in Brazil and the fourth largest in the Americas, with potential for further development. It is the third offer the company has made over the past five weeks.
Lufkin Industries Acquires Schlumberger Rod Lift Business
With the acquisition of Schlumberger’s rod lift business, Lufkin gains several products, brands, and key proprietary software.
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