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MMA Offshore to acquire Neptune Marine Services business for $18.5 million

LEADING Australian marine support company MMA Offshore Limited has entered into an agreement to acquire Perth-based topside and subsea inspection, maintenance and repair specialist Neptune Marine Services Limited. The purchase consideration, which is expected to total approximately A$18.5 million, would comprise $5 million cash with the balance to be issued in MMA shares on completion. “The acquisition of the Neptune business represents an important step in MMA’s strategy to expand

Strike Energy completes $12 million share placement 


STRIKE Energy Limited has completed a share placement raising approximately $12 million. The placement followed the May 29 announcement of the grant of an option to CSBP Limited, a significant Western Australian industrial gas user, for up to 100PJ of gas from West Erregulla contingent on the success of the drilling at West Erregulla in the Perth Basin. CSBP is to pay Strike $5 million for the grant of the

Aker Solutions successfully completes Bond Issue

AKER Solutions ASA has successfully completed a NOK1,000 million senior unsecured bond issue with maturity in June 2024.  The bond issue was considerably oversubscribed. The bonds will have a coupon of 3 month Nibor + 3.00% p.a., and will be applied for listing on the Oslo Stock Exchange. Settlement date will be June 3, 2019. The proceeds from the bond issue will be used to refinance existing debt and for general

APLNG’s acquisition of Origin’s Ironbark project not opposed

THE ACCC will not oppose Australia Pacific LNG’s (APLNG) proposed acquisition of the Ironbark coal seam gas project from Origin Energy. In reaching its decision, the ACCC considered the effect of the acquisition on domestic gas supply and the level of competition between suppliers of domestic gas. “We had regard to the relatively small size of the Ironbark project. We also considered the alternatives available to Origin to either sell

Santos boosts operated position across offshore Northern Australia

SANTOS has reached an agreement to align the company’s interests, under its operatorship, across four exploration permits in the Bonaparte Basin offshore Northern Australia adjacent to a large existing contingent resource. Santos’ position in the Bonaparte Basin already includes an 11.5% interest in the Bayu- Undan gas-condensate field and the Darwin LNG plant, as well as a 25% interest in the Barossa field, which is currently in front end engineering

WoodMac tips Brent crude to average US$65 a barrel in 2019

Global markets were volatile heading into the new year. Oil has been no exception, with Brent trading between $62 per barrel on 7 December 2018 before falling to $51/b on 21 December. Mixed macroeconomic data have driven much of the volatility, with political uncertainty compounding concerns of a sharper than expected economic slowdown. What oil price is justified by the fundamentals? Ann-Louise Hittle, vice president, for macro oils at Wood

Total raises cost overruns issue as it reduces Ichthys LNG stake by 4%

FRNCE’S Total has signed an agreement to divest a 4% interest in the Ichthys LNG project in Australia to operating partner INPEX for an overall consideration of US$1.6 billion. The transaction, which is subject to Australian regulatory approvals, reduces Total’s interest in the asset to 26%. “This transaction is part of our constant portfolio review to optimize our capital allocation,” said Arnaud Breuillac, President, Exploration & Production at Total. “Ichthys

Federal Treasurer confirms APA takeover quashed

FEDERAL Treasurer Josh Frydenberg has confirmed that the Australian government has turned back the bid of the consortium led by CK Asset Holdings Limited in its bod to acquire leading Australian gas pipeline operator APA Group. Minister Frydenberg last night advised CK of his final decision that its current proposed acquisition of APA Group would be contrary to the national interest, after issuing a previous warning. “I have formed this

Tidewater announces successful completion of merger with GulfMark

OFFSHORE support specialist Tidewater Inc. has successfully completed its business combination with GulfMark Offshore, Inc. Tidewater and GulfMark stockholders overwhelmingly supported the business combination, with relevant proposals being approved by over 99% of the votes cast by Tidewater stockholders and GulfMark stockholders, respectively, in person or represented by proxy, not including abstentions, at the companies’ respective stockholder meetings earlier today. All necessary conditions to the closing have been satisfied and

ACCC clears way for Santos’ Quadrant Energy acquisition

SANTOS has been notified that there will be no ACCC opposition to its acquisition of highly successful offshore Western Australia explorer Quadrant Energy. Already one of Australia’s leading oil and gas producers, Santos announced in August 2018 that it proposed to acquire 100% of Quadrant Energy for US$2.15 billion plus potential contingent payments. Santos says that the condition precedent for completion of the acquisition of Quadrant has now been satisfied