Helix Energy Solutions has sold its Reservoir Description Services business to a Baker Hughes unit for $25 million. Aberdeen, UK-based Helix RDS was acquired by Cal Dive International in November 2005 for $31 million. Cal Dive then adopted the Helix name.
Fugro has entered into an agreement with Electromagnetic Geoservices (EMGS). The deal gives Fugro access to EMGS’ technology while EMGS can access Fugro’s marketing network and operating expertise. Fugro is providing a NOK 150 million secured interest-bearing loan to EMGS, convertible to EMGS stock.
Chemical giant Rhodia is teaming with the French Petroleum Institute (IFP) to offer services and consulting in chemical enhanced oil recovery (EOR). The companies will offer design and implementation of proof of concept trials prior to at-scale deployment. The companies make the bold claim that the new approach could increase oil extraction rates by 20%.
Cortex Business Solutions has entered into an agreement with Wolverton Securities for a private placement of up to 25,000,000 units of Cortex, raising up to CAD $5,000,000. The units comprise one Cortex plus a warrant for a future purchase of Cortex stock.
Dawson Geophysical Co. has filed a ‘shelf registration statement’ with the SEC for the sale of up to $100 million in debt securities, preferred and common stock, and warrants.
FMC Technologies accepted Emerson’s conditional offer to purchase its 25,000,000 Roxar ASA shares.
Rackable Systems is in the process of acquiring Silicon Graphics’ assets in a $25 million cash transaction. Silicon had filed for protection under Chapter 11 of the US bankruptcy code which will enable Rackable to acquire the company without assuming the debt. SGI emerged from Chapter 11 in October 2006.
Weatherford has acquired ResLab Integration, which is to change its name to Weatherford Petroleum Consultants AS. ResLab is an upstream consultancy with 50 consultants located in Trondheim, Bergen and Stavanger, Norway.
Production Enhancement Group has received a notice of default from its senior lender as a result of the Company’s failure to meet its payments. The company cited ‘rapidly deteriorating oil and gas market conditions, continued impact [..] of hurricanes [..] and the credit markets.’ PEG in discussions with its lender with respect to resolving the situation.
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