Baker Hughes: The Path Forwards – Buy Back $1.5bn in Shares and $1bn in Debt
Following the termination of its merger agreement, Baker Hughes Incorporated today outlined a series of actions to reduce costs and simplify its business, enhance its commercial strategy, and optimize its capital structure. – To reduce costs by simplifying its organization and rationalizing its operational footprint – Commercial strategy focused on …
TMK and Bashneft Launch a Joint Technology Partnership Programme
TMK, one of the world’s largest producers of tubular products for the oil and gas industry, and PJSOC Bashneft, a major Russian oil company, have signed a Technology Partnership Programme for 2016–2020. The programme provides for over 20 joint activities related to development, introduction and piloting of TMK products at …
National Oilwell Varco: Reduces Quarterly Dividend to $0.05 per Share
National Oilwell Varco, Inc. (NYSE:NOV) announced today that its Board of Directors has approved a plan to reduce the Company’s quarterly dividend to $0.05 per share in response to market conditions which continued to deteriorate through the first quarter of 2016. Clay Williams, Chairman, President and CEO, commented, “We believe …
Halliburton and Baker Hughes: To Fight DOJ Block of the Merger
Halliburton Company and Baker Hughes Incorporated today announced that the companies intend to vigorously contest the U.S. Department of Justice’s (DOJ) effort to block their pending merger. The companies believe that the DOJ has reached the wrong conclusion in its assessment of the transaction and that its action is counterproductive, …
National Oilwell Varco: Jim Hackett Appointed to the Company’s Board of Directors
National Oilwell Varco, Inc. announced today that Jim Hackett has been appointed to the company’s board of directors effective April 5, 2016. Clay C. Williams, Chairman, President and CEO of National Oilwell Varco, stated, “It is with great pleasure that I welcome Jim Hackett to our board of directors. Jim’s …
Kvaerner: Appoints Idar Eikrem as New CFO, Eiliv Gjesdal Steps Down
Kvaerner’s executive vice president & CFO, Eiliv Gjesdal, has decided to seek new challenges outside Kvaerner, and will step down from the role as CFO as of 6 April 2016. He will work with special tasks until his notice period ends 30 June 2016. “Eiliv Gjesdal started as CFO in …
Schlumberger and Cameron: Complete Merger for $14.4bn and 10% in Stock
Schlumberger Limited announced today that it has closed its merger with Cameron International Corporation. As previously announced, each Cameron stockholder is entitled to receive 0.716 shares of Schlumberger common stock and $14.44 in cash, in exchange for each Cameron share. Schlumberger has issued approximately 138 million shares pursuant to the …
Aker Solutions to Provide Global Subsea Engineering Services to BP
Aker Solutions secured a global framework agreement to deliver engineering and project management services at BP-operated subsea oil and gas fields. The contract has a fixed period of five years and may be extended by two years. It covers subsea engineering services, asset integrity management and operations support. “We are …
Emerson: Launches Roxar Tempest™ 7.2 For Improved Field Decision Making
Roxar Tempest™ 7.2 provides users with advanced uncertainty analysis and crucial decision support for field development Emerson Process Management has launched Roxar Tempest™ 7.2, the latest version of its integrated reservoir engineering software suite that can be applied in a wide variety of scenarios such as field appraisal, field optimization, …
Schlumberger: Launches ACTive Q A Real-Time Downhole CT Flow Measurement Service
ACTive Q service delivers fluid velocity measurements to expand coiled tubing downhole monitoring capabilities Schlumberger today introduced the ACTive Q* CT real-time downhole flow measurement service, which delivers real-time injection diagnostics and treatment evaluation in just one run in a well. “Fluid injection monitoring and placement often requires customers to …