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Oil Related Services and Equipment

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Subsea 7 buys remaining 50 pct of Normand Oceanic AS from Solstad Farstad

7:00am BST

Oct 18 (Reuters) - Subsea 7 Sa :Subsea 7 agreement to acquire Normand oceanic.‍Acquires remaining 50 pct shareholdings in its equity accounted joint ventures, Normand Oceanic AS and Normand Oceanic Chartering as, from Solstad Farstad ASA<<>> for a nominal cash consideration.Effective from the date of the transaction, the Group will become the sole owner of Normand Oceanic, a flex-lay and heavy construction vessel that is being managed by Solstad Farstad while under long-term charter to a third party​​.‍The group will assume all obligations related to an outstanding loan of approximately $100 million.

Suzhou Douson Drilling&Production Equipment to swing to profit in Q1 to Q3 of FY 2017

5:22am BST

Oct 18(Reuters) - Suzhou Douson Drilling&Production Equipment Co Ltd <603800.SS>:Sees to swing to net profit at 20 million yuan to 26 million yuan in Q1 to Q3 of FY 2017 versus net loss at 38.4 million yuan year ago .Says good performance of overseas market and increased orders and sales are the main reasons for the forecast.

CES Energy refinances 7.375% senior notes with 6.375% senior notes

Tuesday, 17 Oct 2017

Oct 17 (Reuters) - CES Energy Solutions Corp :CES Energy Solutions Corp. announces refinancing of its 7.375% senior notes with 6.375% senior notes.CES Energy Solutions Corp - ‍agreed to issue and sell CDN $300 million aggregate principal amount of 6.375% senior unsecured notes due October 21, 2024​.CES Energy Solutions - ‍notes will be issued at par under new indenture and interest will be payable semi-annually in arrears beginning April 21, 2018​.

Shaanxi Yanchang Petroleum Chemical Engineering to buy Beijing Petrochemical Engineering

Tuesday, 17 Oct 2017

Oct 17 (Reuters) - Shaanxi Yanchang Petroleum Chemical Engineering Co Ltd <600248.SS>:Says it signs framework agreement to buy Beijing Petrochemical Engineering Co Ltd .

Sapura Energy says Co & Subsea 7 S.A. agree to discontinue SapuraAcergy JV

Tuesday, 17 Oct 2017

Oct 17 (Reuters) - Sapura Energy Bhd :Co & Subsea 7 S.A. mutually agreed to discontinue SapuraAcergy JV.Purchase of Sapura 3000 by group will contribute to Sapuraacergy JV recognising loss in current FY.

Subsea to book $10 mln loss as SapuraAcergy venture ends

Tuesday, 17 Oct 2017

Oct 17 (Reuters) - Subsea 7 Sa :Discontinuation of SapuraAcergy joint venture.SapuraAcergy's heavy-lift and pipelay vessel, Sapura 3000, has been sold to a subsidiary of Sapura Energy Berhad.The decision by Subsea 7 and Sapura Energy Berhad to discontinue the joint venture reflects the evolution of both companies' long-term strategic priorities..Subsea 7 remains committed to the Asia Pacific region, with offices located in Malaysia, Australia, Indonesia and Singapore.In 2016 Subsea 7's share of net income from SapuraAcergy was USD 6 million and at 31 December 2016 the carrying amount of the investment was USD 129 million.‍as a result of discontinuation of joint venture and sale of sapura 3000, subsea 7 expects to receive approximately usd 100 million in cash dividends, and recognise a loss of approximately usd 10 million in q3​.

Subsea to book $10 mln loss as SapuraAcergy venture ends

Tuesday, 17 Oct 2017

Oct 17 (Reuters) - Subsea 7 Sa :Discontinuation of SapuraAcergy joint venture.SapuraAcergy's heavy-lift and pipelay vessel, Sapura 3000, has been sold to a subsidiary of Sapura Energy Berhad.The decision by Subsea 7 and Sapura Energy Berhad to discontinue the joint venture reflects the evolution of both companies' long-term strategic priorities..Subsea 7 remains committed to the Asia Pacific region, with offices located in Malaysia, Australia, Indonesia and Singapore.In 2016 Subsea 7's share of net income from SapuraAcergy was USD 6 million and at 31 December 2016 the carrying amount of the investment was USD 129 million.‍as a result of discontinuation of joint venture and sale of sapura 3000, subsea 7 expects to receive approximately usd 100 million in cash dividends, and recognise a loss of approximately usd 10 million in q3​.

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