Drillinginfo has acquired HPDI, an energy industry software and information services company. HPDI provides production data and web-enabled tools to clients in finance and marketing sectors. HPDI’s production database will be merged with Drillinginfo’s historical production database.
Geokinetics is acquiring the global onshore seismic business of Petroleum Geo-Services in a cash and stock transaction valued at approximately $210 million on a ‘cash free, debt free basis’ which includes net working capital of $37.5 million. The combined unit has expected pro-forma 2009 revenues of over $700 million and the new company will be the ‘second largest provider of onshore seismic data acquisition services in the world in terms of crew count.’ Following the transaction, PGS will become Geokinetics’ second-largest shareholder (with 20%) after Avista Capital Partners. Geokinetics received bridge financing from RBC Capital Markets.
Global Geophysical Services has filed with the SEC to raise up to $150 million in an initial public offering. The Missouri City, TX-based company, which booked $327 million sales over the last 12 months, plans to list on the NYSE under the symbol GGS. Credit Suisse and Barclays Capital are the lead underwriters on the deal. No pricing terms were disclosed.
McDermott International is to split into two independent companies: Babcock & Wilcox (B&W) and J. Ray McDermott (J. Ray). B&W is to focus on power generation and nuclear while J.Ray will continue as an EPC to the offshore upstream oil and gas market. Between 2006 and 2008, J. Ray generated an average of $2.4 billion in annual revenues with approximately $245 million in average annual operating income. J. Ray employs approximately 16,000 people worldwide.
Midstream service company SemGroup has emerged from Chapter 11 restructuring and expects to be listed on a national exchange by mid-2010. Norm Szydlowski replaces Terry Ronan as president and CEO.
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