Blackstone forms partnership for offshore drilling services

Blackstone (NYSE: BX) has formed Clarion Offshore Partners LLC, a new platform to provide strategic solutions to the offshore oil and gas drilling and services sector, with a financial commitment from private equity funds managed by Blackstone.

Clarion’s investment mandate enables the partnership to pursue opportunities with an array of industry participants, including offshore drilling companies, shipyards, financial institutions, investors, and oil and gas operators. The partnership will provide financing solutions including growth and restructuring capital to the sector.

The Clarion team is led by senior executives who have experience in the offshore drilling services sector and have operated in offshore basins around the world. Clarion’s Chairman Louis Raspino, together with partners Greg Looser, Kevin Robert, and Ron Toufeeq, were the majority of the executive management team at Pride International.

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