USA: Shell Sells Stake in Holstein Field to PXP for USD 560 Mln

Mb50's "Liquid Mud" Rant

Royal Dutch Shell plc announced it has agreed to sell its 50% working interest in the Holstein Field, comprised of Green Canyon Blocks 644, 645 and 688 in the Gulf of Mexico, to Plains Exploration & Production (PXP) for approximately $560 million, subject to closing.

Shell received an unsolicited offer from PXP for Shell’s working interest. The transaction is effective October 1, 2012 and is expected to close by year-end 2012.

Holstein is a mature deepwater asset and the sale is consistent with Shell’s continuing practice of reviewing our existing portfolio and evaluating new opportunities.

The Holstein Unit is centered on a spar platform anchored in 1350 meters (4400 feet) water depth and first produced in December 2004. Shell’s 50% interest represents about two percent of the company’s overall Gulf of Mexico net production and had a 30-day net average production of 7.4 kboe/d prior to Hurricane Isaac.

Shell…

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Bollinger’s Vice President to Retire (USA)

Mb50's "Liquid Mud" Rant

Bollinger Shipyards, Inc. announce the upcoming retirement of its Vice President Central Division, Larry Vauclin.

Vauclin’s retirement was announced by Bollinger Executive Vice President, Ben Bordelon, who said, “Larry has been a critical part of the growth of Bollinger over the past 16 years, and a mentor to many in the shipyard industry over his 52 year career. His attention to detail, hard work and focus on client satisfaction have helped create a solid foundation for us going forward. Larry’s stamp will forever be a part of the Bollinger family history.

Vauclin started his shipyard career in Houma, Louisiana in 1960 with Main Iron Works working as a supervisor until leaving to help start Quality Shipyard in 1969 as yard superintendent, working his way up to executive vice president / general manager for new construction and repair.

His career at Bollinger started in 1996 as vice…

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