Page 12 - NorthAmOil Week 35

NorthAmOil
NEWS IN BRIEF
NorthAmOil
Guerbet alcohols. Sasol’s customers use
these products as ingredients in detergents, fragrances, metalworking and lubrication uids, abrasives, paints and coatings, lm, food packaging, personal care products and many more applications and end-markets. e remaining 10% of the ethylene will be sold on the merchant market and supply Sasol’s share of our high-density polyethylene (HDPE) joint venture with INEOS in Texas.
e utilities and infrastructure systems that enable the entire project are fully operational. e Linear Low Density Polyethylene and Ethylene Oxide/Ethylene Glycol units achieved bene cial operation earlier this
year. e Low Density Polyethylene unit is expected to achieve bene cial operation by November 2019, while the Ziegler Alcohol, Ethoxylates and Guerbet alcohol units are on track to achieve bene cial operation in early 2020.
SASOL, August 28, 2019
SERVICES
McCoy Global announces
Letter of Intent to acquire
DrawWorks
McCoy Global today announced it has entered into a non-binding letter of intent (LoI) to acquire all of the outstanding units of DrawWorks.
e acquisition represents an important step for McCoy to advance its strategic technology initiative and provide cutting- edge technical solutions to customers. Based in Boling, Texas, DrawWorks designs, tests and sells tubular running technologies. DrawWorks has developed and patented
a line of mud handling equipment which includes the Auto llTM Casing Equipment, AutoValveTM, MudSaver valves and Single Joint Compensator (SJCTM) System. DrawWorks’ most recent development – the DWCRTTM –
is a modular mechanically operated casing running tool.
Under the terms of the LoI, the acquisition is to be made for a maximum total cash consideration of US$6 million with closing expected on or by September 30, 2019. Con rmation of the purchase price and closing of the acquisition are subject to the completion of a de nitive unit purchase agreement, the Corporation’s due diligence review and other requirements customary in a transaction of this nature.
MCCOY GLOBAL, August 30, 2019
Catoosa Test Facility
expands capabilities with
Test Well #16
Catoosa Test Facility has recently added test well #16. Designated underbird 7, this well has 10-3/4” surface casing down to 751’, and is 85.30# ppf, and is cemented up to surface. is well is used to test and validate advanced drilling technologies before they are released to the public. CTF is able to test prototype tools of any type downhole, both in cased wells and open borehole. Open horizontal boreholes are currently available for testing.
Catoosa Test Facility added a third testing rig to the test campus in Jennings, Oklahoma. Nabors Industries furnished one of its high-quality Cyber drilling units under a long-term arrangement to CTF for research and development activities related to drilling operations, advanced wellbore placement technologies and other oil eld tool testing and veri cation services. is new rig is an all-electric A/C top drive intelligent triple rig that is up tted with the latest technologies for testing purposes. It is a walking rig that sets on a 9 test well cellar, fully concreted pad, and is designed to be the keystone of our testing campus.
Catoosa Test Facility is commercially available to technology focused oil eld companies for drilling test wells wherein
new or existing drilling equipment, tools or techniques can be tested under various actual drilling conditions in a low-risk, cost-e ective, con dential and independent environment.
Catoosa Test Facility is 100% privately owned and operated for testing con dentiality. CATOOSA TEST FACILITY, August 27, 2019
Main Street announces new portfolio investment
Main Street Capital is pleased to announce that it recently completed a new portfolio investment to facilitate the recapitalisation of Analytical Systems Keco (ASK), a leading manufacturer and designer of liquid and gas sensor analysers for re neries, pipelines, chemical plants, and gas processing
plants. Main Street, along with its co- investors, partnered with the Company’s senior management team to facilitate the recapitalization and provide growth capital, with Main Street funding $8.8mn in a combination of rst-lien, senior secured term debt and a direct equity investment. In addition, Main Street and one of its co- investors are providing ASK a credit facility to support its future growth initiatives and working capital needs.
MAIN STREET CAPITAL, August 27, 2019
Downhole Technology and Resource Well Completion Technologies to create the newly formed The WellBoss Company
Downhole Technology and Resource Well Completion Technologies are pleased to announce that the two companies will
be combining on October 1, 2019. ese combined businesses, wholly owned by Schoeller-Bleckmann Oil eld Equipment, will operate under newly-formed, e WellBoss Company.
Downhole Technology, known for the successful Boss Hog Frac Plug, is the leading manufacturer of high-quality, composite frac plugs used in plug-and-perf multizone fracturing operations.
Resource Well Completion Technologies is a leading innovator and developer of market- leading technologies, including a diverse range of completion, well construction, multi- stage stimulation, and well servicing products.
“We believe combining both businesses into one is a win-win situation for our customers. ere is very little overlapping in product o ering between the two. On the contrary, we see many complementary o erings across the board,” stated Gerald
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Week 35 03•September•2019