Logan Competes Sale of Front-End Seismic Services Division

- Logan Competes Sale of Front-End Seismic Services Division

Tuesday, August 02, 2011
Logan International Inc.

Logan announced that it closed the sale of substantially all of the assets and operations of its front-end seismic services division, Destiny Resources Services ("Destiny"), to certain subsidiaries of Clean Harbors, Inc.

Mr. David Barr, Logan's Chief Executive Officer, stated, "The completion of this transaction enables us to commit all of our management and financial resources to the growth and profitability of our downhole tool segment. The sales proceeds strengthen our balance sheet and increase our liquidity and, as a result, better positions us to pursue acquisition opportunities as well as grow our existing operations. The opportunity to realize Destiny's full value and to invest the proceeds in our core business was a key factor in selling this division."

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Rowan Parts with Land Drilling Division

- Rowan Parts with Land Drilling Division

Wednesday, July 20, 2011
Rowan Companies Inc.

Rowan has entered into a purchase and sale agreement (the "Agreement") with Ensign United States Drilling (S.W.) Inc., a subsidiary of Ensign Energy Services Inc.("Ensign"), to sell Rowan's land drilling division for $510 million in cash, plus working capital of approximately $30 million. The Agreement is subject only to regulatory approval, which the Company expects to obtain within 60 days.

Matt Ralls, President and Chief Executive Officer, commented, "We are pleased to enter into this agreement with Ensign, as we continue to execute our stated strategy to separate non-core businesses. We expect that our after-tax proceeds, estimated at approximately $370 million, will be redeployed into our offshore drilling business and recently announced deepwater expansion. We believe our high-specification land rig fleet will be a strong addition to Ensign's global fleet of over 300 land rigs, and that our land division employees will have significant opportunities with such a large and well-respected operation. I want to personally thank all of the land division employees for their dedication and service over the years as part of the Rowan family, and wish them the best in their careers with Ensign."

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GE Concludes Acquisition of John Wood Group's Well Support Division

GE Concludes Acquisition of John Wood Group's Well Support Division

Tuesday, April 26, 2011

GE O&G

GE has completed the strategic acquisition of John Wood Group PLC's Well Support Division, expanding GE Oil & Gas' extensive drilling and surface manufacturing and services portfolio.

The John Wood Group PLC Well Support division, which has over 3,800 employees globally and operates approximately 20 manufacturing and multiple sales and service centers worldwide, is comprised of three business platforms – ESP (electric submersible pumps), Pressure Control (surface wellheads and trees) and Logging Services - which, combined, recorded 2010 revenues of $947 million.

The $2.8 billion transaction enables GE to capitalize on the fast-growing demand for enhanced oil recovery from mature oil fields using downhole pump 'artificial lift' in brownfield developments; as well as, expanding GE's high-technology product and service offering in unconventional oil and gas production, with significant applications for shale gas production.

Claudi Santiago, President and CEO, GE Oil & Gas said, "Given the reliability and quality of its technology and the expertise of its employees, the Well Support division is an excellent addition to GE Oil & Gas, strengthening our engineering capabilities and our extensive suite of advanced capital drilling and production solutions. Combined with our integrated portfolio, global supply-chain and footprint, the Well Support division adds further value for our customers and enhances GE's position in rapid growth oil and gas industry segments and regions."

Jim Renfroe, the CEO of Wood Group PLC's Well Support Division, said, "We are delighted to become part of the GE Oil & Gas family. The transaction positions GE Oil & Gas firmly to lead a new chapter in oil and gas unconventional production, expanding our combined customer base and providing significant new channels for advanced high-tech equipment and services around the world."