Page 12 - NorthAmOil Week 34

NorthAmOil
NEWS IN BRIEF
NorthAmOil
Patterson-UTI announces
new term loan agreement
and intention to reduce
total debt by $150mn
Patterson-UTI Energy today announced
that the company has entered into a $150mn senior unsecured term loan agreement maturing June 2022. Wells Fargo Bank served as administrative agent, co-lead arranger and lender, with US Bank serving as syndication agent, co-lead arranger and lender. e company intends to use the proceeds from this loan, which will bear interest at a rate
of Libor + 1.125%, along with cash on hand to repay the $300mn of borrowings under
its 4.97% Series A senior notes due October 2020.
Andy Smith, Patterson-UTI’s chief nancial o cer, stated: “ e terms and conditions of this new loan are consistent with our investment grade credit rating,
and the ultimate result of these transactions will be a reduction of $150mn in total debt outstanding. Additionally, these transactions will further enhance our already strong nancial position. We will continue to have strong liquidity and will have no term debt maturities until 2022.”
PATTERSON-UTI ENERGY, August 23, 2019
Helmerich & Payne
expands portfolio of drilling
optimisation software
and capabilities with the
acquisition of DrillScan
Helmerich & Payne announced today its wholly owned subsidiary, Helmerich & Payne Technologies has acquired DrillScan, a leading provider of proprietary drilling engineering so ware, well engineering services and training for the oil and gas industry.
DrillScan will operate as part of H&P Technologies, H&P’s dedicated business entity focused on developing advanced technologies and directional drilling automation solutions to help customers achieve greater reliability involving wellbore quality, accuracy and performance.
DrillScan brings a team of highly respected industry experts who will contribute to research, development and innovation e orts to advance H&P’s digital technology portfolio. DrillScan will maintain its headquarters in France and its other international locations,
including the United States.
John Lindsay, H&P president and chief
executive o cer, said: “ e capabilities DrillScan brings are highly complementary to H&P Technologies’ drilling optimization and automation solutions. ese so ware solutions, like other o erings in our portfolio, will be available to all E&P operators and directional drillers, regardless of drilling rig contractor.”
Todd Benson, H&P Technologies president, said: “We are pleased to welcome the talented DrillScan team to the H&P Technologies family and expect our collaboration with them to meaningfully advance our vision for autonomous drilling.”
Stéphane Menand, DrillScan president, said: “ is acquisition is a strong recognition of the quality of our modeling so ware
that has been extensively validated with lab and eld data, in collaboration with E&P operators and academic partners. DrillScan is a natural t with H&P Technologies as
we share an intense focus on performance- driving innovation and a commitment to creating value for the drilling industry. We look forward to working with the H&P Technologies team to continue developing so ware solutions to further advance optimization and automation in drilling.” HELMERICH & PAYNE, August 21, 2019
MOVES
TechnipFMC intends to
create two industry-
leading, independent,
publicly traded companies
TechnipFMC today announced its board
of directors has unanimously approved its plan to separate into two industry-leading, independent, publicly traded companies: RemainCo, a fully-integrated technology and services provider, continuing to drive energy development; and SpinCo, a leading engineering and construction (E&C) player, poised to capitalize on the global energy transition.
e separation would enhance both RemainCo’s and SpinCo’s focus on their respective strategies and provide improved exibility and growth opportunities.
e transaction is expected to be structured as a spin-o of TechnipFMC’s Onshore/O shore segment to be headquartered in Paris, France. e separation is expected to be completed in the rst half
of 2020, subject to customary conditions, consultations and regulatory approvals, at which time all outstanding shares of SpinCo will be distributed to existing TechnipFMC shareholders.
e 2017 merger of Technip S.A. and FMC Technologies, Inc. created a new subsea leader and established TechnipFMC as the only fully-integrated subsea provider. TechnipFMC has rede ned subsea economics through its integrated model and accelerated technology development and innovation. At the same time, the Company’s Onshore/O shore business has consistently demonstrated operational excellence, successfully delivered landmark projects, built an unprecedented backlog, and positioned itself to continue capitalizing on growing demand for
lique ed natural gas (LNG). e exceptional performance of TechnipFMC since the merger has made the proposed spin-o possible
and, when completed, will enable the two companies to unlock additional value. TECHNIPFMC, August 26, 2019
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Week 34 27•August•2019