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  1. Akastor and Mitsui create joint venture

    Akastor ASA (OSE: AKA), an oil service investment company, has signed a Heads of Agreement with Mitsui & Co. Ltd., a Japanese trading and investment company, and its Japanese partner, to create a joint venture with 50/50 ownership between AKOFS Offshore AS and Mitsui. The joint venture will acquire both the Skandi Santos hull from DOF Subsea Rederi AS and the Skandi Santos topside from AKOFS. The joint venture will subsequently enter into a lease agreement with AKOFS corresponding to the remaining contract duration between AKOFS and Petrobras. DOF Subsea will continue to provide the ROV and marine services onboard the vessel as part of the Subsea Equipment Support Vessel Contract with Petrobras. Upon closing of the transaction, AKOFS will realize a cash gain of USD 66 million, net of investments in the joint venture. The annual bareboat charter and related costs will increase by USD 8.5 million per year over the remaining contract period. The contract with Petrobras for the operations in Brazil will remain in a 100% owned subsidiary of AKOFS and will continue to generate positive results over the contract period, also when considering the increased bareboat charter rate. The transaction will result in an accounting gain of approximately USD 19 million for Akastor, corresponding to half of the total sales-gain of USD 38 million. The accounting gain is expected to be booked at closing in Q4 2016. The agreement is subject to Petrobras consent, bank approvals and certain other conditions, which are expected to occur during Q4 2016. Arctic Securities is acting as financial advisor in connection with the transaction and BA-HR lawfirm as legal advisor.

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    Tue, 20 Sep 2016

  2. Templar Energy closes comprehensive restructuring

    Templar Energy LLC has closed a comprehensive restructuring transaction on a fully consensual out-of-court basis, having obtained consent from 100% of each of its second lien lenders, equity holders and first lien RBL lenders.

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    Thu, 22 Sep 2016

  3. ABB to divest transmission cable business to NKT Cables

    NKT t has production facilities in Europe and China as well as sales offices around the world, and employs around 3,200 people

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    Wed, 21 Sep 2016

  4. Chiron Financial retained by Equity Security Holders Committee of Energy XXI

    Chiron Financial has been retained as the co- financial advisor to the Official Committee of Equity Security Holders of Energy XXI Ltd.

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    Thu, 4 Aug 2016

  1. First Reserve acquires Applied-Cleveland Holdings

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    Mon, 12 Sep 2016

  2. AEP to Sell Four Ohio Power Plants for $2.17 Billion

    American Electric Power (AEP) today announced it has signed an agreement to sell four competitive power plants totaling approximately 5,200 MW. The plants will be acquired by a newly formed joint venture of Blackstone and ArcLight Capital Partners for about $2.17 billion.

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    Wed, 14 Sep 2016

  3. Callon Petroleum to acquire Howard County assets for $327M

    Callon Petroleum has entered into a definitive agreement to acquire certain undeveloped acreage and producing oil and gas properties for total consideration of $327 million in cash.

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    Tue, 6 Sep 2016

  4. ARB Midstream acquires Platte River Gathering System from Rimrock Midstream Holdings

    ARB Midstream LLC, an energy midstream, logistics and marketing company, has acquired a controlling interest in the Platte River Gathering System from Rimrock Midstream Holdings LLC.

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    Thu, 8 Sep 2016

  5. Hi-Crush Partners acquires Blair Facility

    Hi-Crush Partners LP has entered into a contribution agreement with Hi-Crush Proppants LLC to acquire Hi-Crush Blair LLC, the entity that owns Proppants' raw frac sand processing facility located in Blair, Wisconsin.

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    Thu, 11 Aug 2016

  6. PDC Energy acquires two private companies to enter core Delaware Basin

    As confidence in the Permian’s Delaware Basin grows, PDC Energy Inc.has agreed to acquire two privately held companies, giving PDC access to approximately 57,000 net acres in Reeves and Culberson Counties, Texas.

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    Wed, 24 Aug 2016

  7. Finley Resources sells Midland Basin assets to Sabalo Energy

    On August 26, 2016, Finley Resources Inc. completed the sale of its Howard County assets in the Midland Basin to Sabalo Energy LLC, a portfolio company of EnCap Investments LP.

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    Mon, 29 Aug 2016

  8. Lucid Energy Group II acquires Agave Energy

    Subsidiaries of midstream provider Lucid Energy Group II LLC closed on the purchase of certain assets of Agave Energy Co.  and the acquisition of all of the outstanding stock of Agave Energy Holdings Inc.

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    Thu, 1 Sep 2016

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