Through the agreed-upon management buyout (MBO) of Harkand North America’s North American and West African business, a new company called Ethos Offshore Ltd. will continue providing subsea engineering and construction services to Harkand’s existing U.S., Mexican and West African clients, according to a May 6 press release.
Ethos Offshore’s subsea services will include ROV and diving, inspection, engineering, project management and survey services.
Harkand Global Holdings Ltd. and its key operating subsidiaries entered insolvency proceedings on May 5, according to the press release.
Harkand North America’s managing director is A.J. Jain, and he and his team agreed to the MBO.
Jain will lead operations in the three regions as CEO, supported by Brian Schacht, head of business development and communications; James Parker, head of North America operations; and Doug Fieldgate, head of West Africa operations.
Ethos Offshore Ltd. is backed by investment funds advised and managed by Oaktree Capital Management LP. It is expected to have a contracted backlog of $145 million worth of projects. The move also could potentially safeguard more than 100 jobs across North America, Africa and Mexico.
Triana Energy Investments LLC retained RedOaks Energy Advisors LLC for the sale of certain operated Marcellus Shale properties located in West Virginia in an offering closing Dec. 19.
De Soto Oil Properties retained EnergyNet for the sale of oil and gas operations and HBP leasehold in Alabama through an auction closing Sept. 11.
The bucks don’t stop in the Eagle Ford, speakers say, but they certainly grow there.