Barclays Corporate oil and gas team announces involvement in multi-million dollar deals

Source: Barclays

Barclays Corporate oil and gas team announces it has been involved in deals providing funding for acquisitions and E&P amounting to almost US $415 million since September this year.

The facilities have been provided for companies working in the North Sea and in the Americas and comprise of reserve based lending for E&P activities in the United Kingdom Continental Shelf, including the purchase of assets, letters of credit for decommissioning and corporate working capital facilities for an acquisition across the Atlantic.

One deal saw international oilfield services company Reservoir Group acquire GeoSearch Logging Inc, one of the largest geological and hydrocarbon well logging service companies in the United States.

Headquartered in Oklahoma, GeoSearch works with operators providing geological consulting services, vertical and horizontal well logs, instrumentation, digital cuttings photography and CO2 monitoring. This was the fifth acquisition by the Group this year.

Walter Cumming, head of the oil and gas team at Barclays Corporate, said: “These deals are indicative of the industry as a whole. In spite of its status as a mature province, the United Kingdom Continental Shelf remains an exceptionally vibrant region that presents numerous prospects for organizations looking to make the most of the tail end opportunities.

“Likewise, given the increase in the commodity price and associated stability and confidence, we are seeing more M&A activity on an international basis. The Reservoir Group deal is one example of a trend we believe is set to continue.”

Pascal Bartette, Chief executive of Reservoir Group, said: “It has been an exciting year for Reservoir Group, with six acquisitions to date and plenty of activity planned for the coming months and years. Barclays Corporate acted as part of a four-bank club, facilitating a key acquisition that has proven integral to consolidating the Group’s surface logging service offering.”

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