Page 18 - NorthAmOil Week 47 2020

NorthAmOil NEWS IN BRIEF NorthAmOil

join Petrosmith as we begin the next chapter
of Wellflex’s growth and success.”
“The addition of Wellflex provides an
exciting opportunity to partner with a
company aligned with our own values in
prioritising quality of service,” said Michael
Duffy, President of Petrosmith. “Wellflex has
a strong brand built on a foundation of nearly
15 years of high-quality service.”
PETROSMITH, November 23, 2020
Halliburton to set science-
top 10% of the largest 2,500 companies in the PricewaterhouseCoopers, the value of the
S&P Global Broad Market Index (S&P Global net assets relevant to the sale is $176mn based targets to reduce
BMI). The DJSI North America Index tracks (approximately ZAR3bn) as at June 30, 2020,
the performance of the top 20% of the largest which is net of the debt facilities associated emissions
600 companies in the S&P Global BMI in the with the interest. The loss attributable to
region. the net assets was $18mn (approximately Halliburton today announced its commitment
ONEOK, November 23, 2020 ZAR290mn) for the year ended June 30, 2020. to set science-based targets to reduce
The sale between SCNA, Ineos and Newco greenhouse gas (GHG) emissions. The
will only be effective upon restructuring of company submitted its commitment letter to
DOWNSTREAM the existing debt facilities and the company’s the Science Based Targets initiative (SBTi),
security package in respect thereof. Closing is a collaboration between CDP, the United
Divestment by Sasol anticipated to occur by December 31, 2020. Nations Global Compact, World Resources
Institute, and the World Wide Fund for
SASOL, November 24, 2020
Chemicals North America Nature. With this commitment, Halliburton
will submit targets in 2021 with pending SBTi
of its 50% equity interest in SERVICES validation by 2022. Halliburton joins over
1,000 global companies who have committed
Gemini HDPE Petrosmith acquires to set emissions reduction targets grounded in
climate science through the SBTi.
The board of directors of Sasol is pleased Wellflex Energy Solutions “Our SBTi commitment reinforces
to announce that Sasol Chemicals North our sustainability goals while helping our
America, a wholly owned subsidiary of Sasol, Petrosmith, a leading provider of production customers provide the world with affordable
has agreed principle terms with Ineos Gemini equipment and oilfield tubular goods, has and reliable energy,” said Halliburton
HDPE Holding Company and a new entity acquired the assets of Wellflex Energy chairman, president and CEO, Jeff Miller.
to be formed by Ineos (Newco) to sell its 50% Solutions, a leading engineering, procurement “Our industry plays an important role in
membership interest in Gemini HDPE to and construction management company. reducing greenhouse gas emissions and
Newco for $404mn (subject to adjustment for Wellflex, headquartered in Fort Worth, provides us a great opportunity to do what we
cash, debt, working capital and other items). Texas, utilizes the latest in design technology do best: innovate, collaborate, and execute to
Gemini produces and sells bimodal high- to assist in detailed engineering, fabrication drive efficiencies and affect change.”
density polyethylene based in La Porte, Texas, and project management to provide Science-based targets are emissions
United States of America. customers with the most efficient, fit for reduction targets in line with what the latest
The sale represents a further step in purpose equipment. climate science outlines is necessary to meet
achieving Sasol’s strategic and financial Chris Thomas, CEO of Petrosmith, said, the goals of the Paris Accord, which seeks to
objectives by accelerating the focus on “We believe Wellflex’s design and project limit global warming to well below 2oC above
specialty chemicals and reducing net debt. management solutions are best-in-class and pre-industrial levels.
Proceeds from the transaction will be used by will be in high demand as the energy sector HALLIBURTON, November 19, 2020
Sasol to repay near-term debt obligations. gets back on track. Combining the Wellflex
Concurrent with the closing, the company process with Petrosmith’s quality fabrication
will have completed the restructuring of and services will provide our operators and MOVES
its existing debt facilities and the security customers an efficient and effective process to
package in respect thereof, resulting in Sasol reduce facility expenses as the market returns. Gunvor USA successfully
and its subsidiaries being released from any We are excited to add the Wellflex team to
existing security being provided in relation to Petrosmith as we steer the company towards closes $1.1bn borrowing
Gemini. long-term success.”
The representations and warranties “Our successful sale to Petrosmith is a base
being given by SCNA are general corporate testament to our team’s collective effort to
representations and warranties. be the best in providing high quality, design, Gunvor USA, a subsidiary of Gunvor Group,
As disclosed in the Sasol financial engineering, fabrication and construction has successfully closed the syndication of its
statements, prepared in accordance with management for our customers,” said Nick $1.1bn borrowing base credit facility. The
IFRS and audited by the company’s auditors, Klaus, President of Wellflex. “We’re excited to facility includes a $500mn accordion feature,

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