Latest news with #oilfield
Zawya
a day ago
- Business
- Zawya
Dubai's Sidara weighs lowering Wood Group offer after UK regulator's probe, FT reports
Dubai-based Sidara is considering reducing the price of its takeover bid for Wood Group, as Britain's financial regulator has launched a probe into the oilfield services provider, the Financial Times reported on Thursday. It is not clear by how much Sidara might reduce the price, the report said. The company is concerned about legal exposure that could emerge from the Financial Conduct Authority's investigation into Wood Group, the report said, citing people familiar with the matter. The probe, disclosed in June, had begun following Wood Group's announcement last year of an independent accounting review related to some contracts and charges. Sidara is frustrated about the time it is taking Wood to file its accounts for 2024, according to the FT report. Reuters could not immediately verify the report. Sidara and Wood Group declined to comment. In April, the British oilfield services and engineering company had received a proposal from Sidara comprising a takeover bid worth about 242 million pounds ($328.54 million) and up to $450 million in cash. Sidara has until July 28 to make a firm offer, walk away or get an extension. ($1 = 0.7366 pounds)
Reuters
2 days ago
- Business
- Reuters
Dubai's Sidara weighs lowering Wood Group offer after UK regulator's probe, FT reports
July 24 (Reuters) - Dubai-based Sidara is considering reducing the price of its takeover bid for Wood Group (WG.L), opens new tab, as Britain's financial watchdog has launched a probe into the oilfield services provider, the Financial Times reported on Thursday, citing people familiar with the matter. It is not clear by how much Sidara might reduce the price, the report said, adding that the company is concerned about legal exposure that could emerge from the Financial Conduct Authority's investigation into Wood Group. The probe, which was disclosed last month, had begun following Wood Group's announcement last year of an independent accounting review related to some contracts and charges. Sidara is frustrated about the time it is taking Wood to file its accounts for 2024, according to the report. Reuters could not immediately verify the report. Sidara and Wood Group did not immediately respond to a Reuters request for comment. In April, the British oilfield services and engineering company had received a proposal from Sidara comprising a takeover bid worth about 242 million pounds ($328.54 million) and up to $450 million in cash. Sidara has until July 28 to make a firm offer, walk away or get an extension. ($1 = 0.7366 pounds)
Wall Street Journal
3 days ago
- Business
- Wall Street Journal
Baker Hughes Logs Higher Second-Quarter Profit, but Revenue Slides
Baker Hughes BKR 0.43%increase; green up pointing triangle posted higher profit in the second quarter despite a decline in revenue. The company, which provides oilfield products, services and digital solutions, on Tuesday posted a profit of $701 million, or 71 cents a share, compared with $579 million, or 58 cents a share, a year earlier.
Bloomberg
3 days ago
- Business
- Bloomberg
Halliburton to Retire Some Gear Amid Weakening Oilfield Demand
Halliburton Co. is idling some oilfield equipment in response to deteriorating demand among shale companies. The world's largest provider of hydraulic fracturing is forecasting shrinking margins in its biggest business line as weakening demand weighs on the prices it can charge, Chief Executive Officer Jeff Miller said Tuesday. The company plans to idle or retire some equipment.
The National
3 days ago
- Business
- The National
Iraq and US company Schlumberger sign deal to develop Akkas gas field
Iraq signed a major contract with US oilfield services company Schlumberger on Tuesday to develop the Akkas gas field, as the country seeks to boost domestic gas production. Under the deal, Schlumberger will drill wells at the Akkas field, aiming to raise production levels to 100 million standard cubic feet per day, the country's Oil Minister, Hayan Abdel Ghani, said after the signing ceremony. The production target from the field, in the western province of Anbar, is estimated at 400 million standard cubic feet per day, from the current 40 million level, he added, without giving a timetable. 'This is a long-awaited and big achievement,' the minister said. Additional contracts will be signed to build surface installations and lay pipelines connecting the wells to central processing units, he added. The gas produced at Akkas will be used to fuel the Anbar combined cycle power plant, which is under construction by the Ministry of Electricity, Mr Abdel Ghani said. Rights to develop the field were first awarded to South Korea's state-run Korea Gas in 2010. Kogas signed a deal to develop it in 2011 but withdrew when the field was captured by ISIS, then retaken by Baghdad in late 2017. In 2024, Ukraine's Ukrzemresurs was contracted to develop the field, but the government terminated the deal months later due to delays. Despite being Opec's second-biggest producer, Iraq is dependent on Iran for about a third of its electricity needs. It buys 50 million cubic metres of natural gas and 500 megawatts of electricity a day from Iran. Baghdad has been under pressure from the US to wean itself off Iranian energy imports, which have been subject to US sanctions since 2018. In recent years, Iraq has taken measures to develop its natural gas resources and reduce the shortfalls in the electricity sector. The country's natural gas reserves stand at about 3,714 billion cubic metres, according to oil ministry figures.
