Blackstone forms partnership for offshore drilling services

Offshore staff

NEW YORK and HOUSTON Blackstone has formed Clarion Offshore Partners LLC, based in Houston. The private equity firm said the new company will function as a platform to provide strategic solutions to the offshore oil and gas drilling and services industry.

In a statement Blackstone described Clarion’s investment mandate as “broad and flexible, enabling the partnership to pursue opportunities with a wide array of industry participants, including offshore drilling companies, shipyards, financial institutions, investors, and oil and gas operators.  

“The partnership will provide creative financing solutions including growth and restructuring capital to the sector.”

Clarion is led by a team that previously comprised the executive suite for another Houston-based drilling company. Chairman Louis Raspino, together with partners Greg Looser, Kevin Robert, and Ron Toufeeq, were the majority of the executive management team at Pride International. Under Raspino, Toufeeq was COO; Robert was chief commercial officer and head of Business Development; and Looser was chief administrative officer and general counsel.

One of Pride’s heavy investment areas was deepwater growth.

The venture will be backed by private equity funds Blackstone manages. The firm did not disclose the amount.  


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