Finance News

Anadarko Petroleum Corporation has announced that it intends to resume negotiations with Occidental Petroleum Corporation in response to Occidental's proposal to acquire Anadarko, which was announced by Occidental on April 24, 2019 (the "Occidental Proposal"). As disclosed previously, Anadarko entered into a definitive merger agreement with Chevron Corporation on April 11, 2019 (the "Chevron Merger Agreement").

The West African offshore rig market has been one of the hardest hit during the oil price downturn. Once a region that attracted premium units and demanded some of the highest rig day rates – some rigs commanded over $600,000 – it quickly descended into an area with a glut of stacked rigs and a demand drought.

Commercial decision-making in offshore drilling companies is a tough challenge, involving not just ensuring safe, efficient, and continued operations in some incredibly challenging physical environments, but also taking a position on where the market may be in 3-4 years, a typical lead-time for a new rig delivery.

Ensco Rowan plc (“EnscoRowan”) has announced the completion of the previously disclosed merger of Ensco plc (“Ensco”) and Rowan Companies plc (“Rowan”), which follows the satisfaction of the transaction’s closing conditions including overwhelming approval by each company’s shareholders and sanction by the UK Court of the scheme of arrangement implementing the transaction.

The offshore market is set for a bumper year with 83 greenfield FIDs expected, totaling $115 billion in infrastructure, equipment & associated drilling services. This includes $19.2bn on FPSO/FLNG awards – of which $5.5bn are lucrative newbuild FPSO opportunities.

Chevron Corporation has announced that it has entered into a definitive agreement with Anadarko Petroleum Corporation (NYSE: APC) to acquire all of the outstanding shares of Anadarko in a stock and cash transaction valued at $33 billion, or $65 per share.

Shell Offshore Inc. (Shell), a subsidiary of Royal Dutch Shell plc, signed an agreement yesterday to sell its 22.45% non-operated interest in the Caesar-Tonga asset in the US Gulf of Mexico to Delek CT Investment LLC, a subsidiary of Delek Group Ltd (Delek). The total consideration for this deal is $965 million in cash.

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