Rubicon Oilfield International buys Logan International
World Oil – Rubicon Oilfield International has completed the acquisition of all of the outstanding common shares of Logan International, a supplier of oilfield intervention and production tools, for C$1.59 per share.
This transaction establishes Rubicon’s platform for delivery of Well Production solutions, complementing an existing portfolio of Well Construction products. Backed by a significant capital commitment from Warburg Pincus, Rubicon will invest in the accelerated growth of all Logan product lines.
“We are extremely excited by the opportunities this transaction creates and welcome Logan’s extraordinary employees and industry acclaimed products to Rubicon,” said Mike Reeves, president and CEO of Rubicon.
“We have worked to establish ourselves as a leader in fishing and production tools, and I believe Rubicon will continue this leadership position and further expand the Logan offering and global footprint. This combination will provide many additional opportunities for Logan’s products and its employees,” said Dave MacNeill, CEO of Logan.
Related News: Qatar Petroleum buys stake in Chevron
Qatar Petroleum has reached an agreement with the U.S. oil juggernaut Chevron to buy a 30% participating interest from Chevron’s 75% share in three deep-water offshore leases in Morocco.
Under the agreement Qatar Petroleum will an interest in the deep-water leases, while Chevron will retain a 45% interest and remains the operator and Morocco’s Office National Des Hydrocarbures Et Des Mines will continue to have a 25% interest. The three offshore areas are Cap Rhir Deep, Cap Cantin Deep and Cap Walidia Deep.
The deal has already been approved by the Moroccan government.
Saad Sherida Al-Kaabi, President and CEO of Qatar Petroleum, said the agreement was an important step towards building a mutually beneficial relationship with Chevron with particular emphasis on international upstream activities.
“It is no coincidence that Qatar Petroleum’s international presence is now extended to Morocco, a country which Qatar enjoys special relations with,” he added.