BAKER HUGHES BOUGHT WEATHERFORD
Baker Hughes Incorporated (NYSE: BHI) and Weatherford International plc (NYSE: WFT) announced that they have closed the previously announced purchase and sale of Weatherford's pipeline and specialty services business.
The acquisition provides Baker Hughes with an expanded range of pre-commissioning, deepwater and in-line inspection services worldwide. The addition of over 700 process and pipeline specialists to Baker Hughes' Process and Pipeline Services further enhances the company's ability to provide innovative solutions for oil and gas asset owners and operators, upstream, midstream and downstream.
"This acquisition adds sophisticated subsea pipeline commissioning services and new ultrasonic in-line inspection technologies to the Baker Hughes portfolio," said Martin Craighead, Chairman and Chief Executive Officer of Baker Hughes. "Expanding our services will allow us to more effectively address our customers' process and pipeline challenges."
Commenting on the closing of this transaction, Bernard J. Duroc-Danner, Chairman, President and Chief Executive Officer of Weatherford, stated, "We are pleased with the closing of this transaction with Baker Hughes. This combination enhances the focus and service delivery to our pipeline and specialty services customers worldwide and allows for growth opportunities for the employees. This transaction also demonstrates the execution capabilities of the Weatherford team and is another important step in our restructuring efforts this year. All proceeds will be used to pay down outstanding debt."
Weatherford is one of the largest multinational oilfield service companies. Weatherford's product and service portfolio spans the lifecycle of the well, and includes formation evaluation, well construction, completion and production. The company provides innovative solutions, technology and services to the oil and gas industry, and operates in over 100 countries, currently employing more than 50,000 people worldwide.
About Baker Hughes
Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. The company's 59,000-plus employees today work in more than 80 countries helping customers find, evaluate, drill, produce, transport and process hydrocarbon resources.
|July, 16, 11:05:00|
|July, 16, 11:00:00|
|July, 16, 10:55:00|
|July, 16, 10:50:00|
|July, 16, 10:45:00|
|July, 16, 10:40:00|
AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.