USA: Helix Sells Its Three Pipelay Vessels

Mb50's "Liquid Mud" Rant

Helix Energy Solutions Group, Inc. has agreed to sell its three pipelay vessels, the Caesar, Express, Intrepid and related equipment in separate transactions for total cash consideration of $252,750,000.

On October 15, 2012, Helix entered into an agreement to sell the Caesar, Express and related equipment to Coastal Trade Limited for a total of $238,250,000. The sale of these assets is expected to close in two stages as each vessel completes its existing contractual backlog. The Express closing is expected to occur in February 2013 and the Caesar closing is expected to occur in July 2013. Helix has received a $50 million deposit in connection with this transaction which is only refundable in limited circumstances. The closing of this transaction is subject to customary closing conditions.

In a separate transaction, on September 26, 2012 Helix sold its pipelay vessel, Intrepid, to Stabbert Maritime Holdings, LLC for $14,500,000.

Helix will…

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Cheniere to sell Corpus Christi LNG under long-term contracts

Mb50's "Liquid Mud" Rant

Posted on September 19, 2012 at 7:01 am
by Bloomberg

Cheniere Energy Inc. (LNG) will sell as much as 90 percent of the output from its liquefied natural gas project in Corpus Christi, Texas, under long-term contracts.

The planned Corpus Christi site will produce 13 million to 15 million metric tons a year of LNG, Charif Souki, chief executive officer at Houston-based Cheniere, said today in an interview at a natural gas conference in Tokyo.

The company plans to follow the contracting model established at its Sabine Pass terminal in Louisiana, Souki said. Sixteen million tons of LNG from Sabine Pass, from a total output of 18 million tons, will be sold on long-term contracts of as long as 20 years, with the rest to be offered on the spot market, he said.

“Those are the volumes that we’re not sure we can produce year after year…

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Schlumberger Announces Agreement to Sell Wilson International Inc.

Mb50's "Liquid Mud" Rant

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posted on 4-11-2012

HOUSTON, April 10, 2012—Schlumberger Limited (NYSE:SLB) announced today that it has entered into an agreement with National Oilwell Varco, Inc. (NYSE:NOV) to sell its Wilson distribution business. Schlumberger acquired Wilson International Inc. as part of the acquisition of Smith International in 2010. Closing of the transaction is subject to customary regulatory approvals.

“Schlumberger’s global supply chain has benefited from Wilson’s best-in-class distribution practices and we look forward to working with Wilson in the future,” commented Paal Kibsgaard, Schlumberger Chief Executive Officer.

Founded in 1921, Wilson is a leading distributor of pipe, valves and fittings as well as mill, tool and safety products and services to the international energy business and to other industrial customers. The company manages a distribution business of approximately 200 sales and operations locations across the United States with a growing presence in other key international geographies. Wilson employs…

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