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Expro Unites with PRT Offshore in a Landmark $106 Million Deal
10/17/2023![Expro-Unites-with-PRT-Offshore-n--Landmark-106-Million-Deal](https://images2.rextag.com/public/blog/BLOG_Expro Unites with PRT Offshore in a Landmark $106 Million Deal.jpg)
- Expro finalizes the acquisition of PRT Offshore, strengthening its presence in subsea well access.
- The move is set to promote PRT Offshore equipment in Europe, Sub-Saharan Africa, and Asia Pacific.
- The $106 million deal integrates deepwater offshore expertise from both entities.
Expro recently announced its acquisition of PRT Offshore. This deal enhances Expro's technological capabilities in subsea well access, especially in North and Latin America. Additionally, it promotes the expansion of PRT Offshore's equipment in Europe, Sub-Saharan Africa, and the Asia Pacific.
Michael Jardon, Expro's CEO, sees this collaboration offering considerable growth for PRT Offshore. He highlighted the combined potential to deliver better integrated offshore solutions. The entire deal, which includes Expro shares, stands at an approximate value of $106 million. RBC Capital Markets acted as the financial adviser for Expro in this transaction.
About Expro
Expro, with a legacy dating back to 1938, serves clients across the entire well life cycle, boasting a workforce of about 7,600 employees worldwide. Expro offers solutions and products to the global energy industry. The company's expansion strategy focuses on enhancing its technological footprint and offering integrated solutions, which is evident from its recent acquisition of PRT Offshore.
About PRT Offshore
PRT Offshore is a prominent offshore services provider, specializing in well completion and intervention. With its strong positioning in North and Latin America, the company's collaboration with Expro is anticipated to redefine offshore operations in multiple international markets.
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Pembina (PBA) to Acquire Enbridge's Joint Ventures for $2.3 Billion - C$3.1 Billion
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/211Blog_Enbridge divests Alliance Pipeline and Aux Sable interests for 2.3B.png)
Pembina Pipeline Corporation PBA, a well-known player in the Canadian midstream sector, recently announced its plan to acquire Enbridge Inc.'s remaining shares in the Alliance Pipeline, Aux Sable pipelines, and NRGreen joint ventures. The deal, valued at C$3.1 billion or US$2.3 billion, marks a key step for Pembina in asserting its leadership in North America's natural gas transportation sector. This strategic acquisition is expected to considerably boost Pembina's growth and profitability in the coming years.
2023 Closes with a Wave of Deals: Canada to Permian Basin
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/217Blog_Athabasca Oil and Cenovus Energy are joining to form Duvernay Energy.png)
-Crescent Point Energy finalized its $1.9 billion purchase of Hammerhead Energy to expand operations in Alberta's Montney Shale -Two Canadian companies merged to increase their presence in Alberta's Kaybob Duvernay area -Ring Energy completed acquisition in the Permian Basin
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/297_Blog_Keystone XL Pipeline Controversy and Wildlife Disaster From Trump's Green Light to Biden's Red Light on the 15 Billion Project.jpg)
The pipeline industry in the USA faced and still faces a range of regulatory challenges, including permitting delays, environmental requirements, and public opposition to pipeline projects. In recent years, pipeline projects like the Keystone XL and Dakota Access pipelines had legal and regulatory obstacles that delayed or canceled their construction. Keystone XL Pipeline, proposed by TransCanada in 2008, aimed to transport crude oil from Canada (around Calgary and Edmonton) to refineries on the Gulf Coast (Port Arthur). The project faced opposition from environmental groups and indigenous communities, who argued that it would contribute to climate change and pose a risk to water resources. In 2015, President Obama rejected the project, citing concerns about its environmental impact. However, in 2017, President Trump revived the project, leading to further legal challenges. In June 2021, U.S. President Joe Biden officially canceled the project on his first day in office.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/282_Blog_Renewable Natural Gas How RNG Changes the Industry.jpg)
The renewable natural gas (RNG) industry in the United States is showing promising signs of growth. As of 2019, the U.S. consumed 261 billion cubic feet (BCF) of RNG, primarily utilized by independent power producers, electric utilities, and various commercial and industrial entities. However, this figure represents only a small fraction of its potential. Research indicates that the U.S. could theoretically produce up to 2,200 BCF of RNG through anaerobic digestion alone, which would equate to about 11% of daily national natural gas consumption.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/295_Blog_Renewable Efforts Lag as Global Oil and Gas Demand Continues to Rise.jpg)
Recently, the progress toward an energy transition is hitting a snag. Sales of electric vehicles are decelerating, and the growth in wind and solar power needs to be keeping pace with expectations. To make matters more challenging, electricity prices are climbing when they were expected to fall. Amidst these setbacks, the oil and gas sectors are proving resilient. According to BP's latest energy outlook, not only are these energy mainstays here to stay, but their demand is expected to remain relatively high even after reaching a peak. Interestingly, BP forecasts that oil demand will reach its zenith next year, marking a critical moment in energy consumption trends. This isn't the first time BP has projected a peak in oil demand. Back in 2019, their review anticipated a decline in demand growth, but the prediction fell flat. Instead, oil demand surged to unprecedented levels following the end of the global pandemic lockdowns, defying previous forecasts and underscoring the enduring dominance of traditional energy sources in the global market.