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.
Houston-based Kinder Morgan is cashing in its Canadian affiliate plus ownership in the Cochin pipeline through asset sales to Pembina Pipeline worth roughly $2.5 billion.
Covia, a leading provider of mineral-based and material solutions for the Industrial and Energy markets, said Aug. 21 that its board of directors has appointed Richard Navarre president and CEO.
Production, volumes to process and move, EBITDA are all vulnerable in the near term, says Alerian.