The Shell Petroleum Development Corp. of Nigeria Ltd., a subsidiary of Royal Dutch Shell Plc, London, (NYSE: RDS.A; RDS.B) plans to acquire two barges and related Nigerian assets from Parker Drilling Co., Houston, (NYSE: PKD) for US$46 million. The acquisition includes barge rigs 73 and 75 and related production assets. Parker Drilling has already received a 10% deposit and anticipates closing the transaction in late June. The company anticipates that it will gain $2- to $2.5 million as a result of the sale. Parker intends to use net proceeds to pay debt.
Recommended Reading
Exclusive: TPL Eyes Midland Growth to Replicate Delaware Basin Success
2024-10-29 - Texas Pacific Land CFO Chris Steddum discusses the company's approach to acquisitions in both the Delaware and Midland basins, and TPL's selective strategy when evaluating deals, in this Hart Energy Exclusive interview.
Utica Oil Riches’ Biggest Challenge: Moving the Crude
2024-10-28 - Leslie Armentrout, the president and co-founder of Silver Cross Energy Partners discusses the opportunities of the Central Basin Platform and Utica—and the challenges.
Rising Phoenix: The Anti-Permian Minerals Firm Buying … Permian
2024-09-13 - Rising Phoenix Minerals CEO Jace Graham said his boutique firm isn’t getting any bigger: The company doesn’t need a squad of infantry when “we’ve got a team of snipers.”
Non-op Rising: NOG’s O’Grady, Dirlam See Momentum in Co-purchase M&A
2024-09-05 - Non-operated specialist Northern Oil & Gas is going after larger acquisitions by teaming up with adept operating partners like SM Energy and Vital Energy. It’s helping bridge a capital gap in the upstream sector, say NOG executives Nick O’Grady and Adam Dirlam.
Building a Better Non-op? Control the Purse Strings, Executives Say
2024-08-27 - As they trail E&Ps in the public markets, some non-operated oil and gas companies are taking firmer control of drilling decisions as executives look to reinvent their business model.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.