M&A

LONDON & PARIS & HOUSTON–(BUSINESS WIRE)–TechnipFMC (NYSE:FTI) (PARIS:FTI) has agreed the terms of a collaboration agreement with Magma Global Ltd. to develop a new generation of hybrid flexible pipe (HFP) for use in offshore applications. HFP is expected to provide increased strength and fatigue performance, while also achieving dramatic weight and cost reductions, for subsea fluid transport applications. As part of the collaboration, TechnipFMC is purchasing a minority stake in Magma Global. Barry Glickman, President of Engineering, Manufacturing & Supply Chain at TechnipFMC, stated: “I am very pleased that we have reached this agreement with Magma, which will further enhance TechnipFMC’s Subsea 2.0 product platform. The lighter, higher performance, and more cost-...

As originally posted by Reuters, and since republished around the web, GE previously said that it was considering selling its Baker Hughes stake. GE has now revised their position and affirmed that they are no longer planning on selling their holdings in the oilfield services sector. The market reacted strongly to this news, with shares of Baker Hughes, a General Electric company, rising sharply this week from $25.98 to as high as $28.46 at one point. The timing of this announcement was critical, as GE is nearing a two-year lockup period that was part of the merger agreement. “Given today’s valuation levels, we see a lot of upside there. We like the macro trends. At this point in time, we have no intent to change anything or execute prior to the expiration of any of the lockup ...

Corporate earnings and credit availability has soared in the oil and gas sector, making mergers and acquisitions much more appealing in the industry Read Full Article Here: https://oilprice.com/Latest-Energy-News/World-News/Oil-And-Gas-MA-Deal-Appetite-Highest-Since-2013.html