Oceaneering International Wins Exxon Contract, Penn West Closes Sale: Energy Biz Wrap
Oceaneering International (NYSE:OII) wins a contract from Exxon Mobil Corporation’s (NYSE:XOM) Esso Exploration Angola (Block 15) Limited, to provide umbilicals for the Kizomba Satellites Phase 2 development lying offshore Angola. This order is for electro-hydraulic steel tube control umbilicals totaling around 43 kilometers 26.7 miles in length; product manufacturing should to be performed at the Oceaneering Umbilical Solutions facility in Panama City, Florida, and is anticipated to start in the third quarter of 2013, for completion in the third quarter of 2014.
Penn West Petroleum (NYSE:PWE) announced Wednesday that it has closed its previously reported sale of non-core assets. The company said in June that it would divest between $1 and $1.5 billion worth of non-core assets, and effective December 19th, the last of several asset dispositions linked to this plan closed for aggregate gross proceeds of roughly $1.3 billion. Total proceeds from all sales of around $1.35 billion were used to repay outstanding indebtedness on the firm’s credit facility.
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Pacific Ethanol (NASDAQ:PEIX) will acquire$21.54 million of Pacific Ethanol plant secured term debt and extend the maturity date of the debt from June 2013 to June 2016. In addition, the agreement allows for the extension of the maturity of the $10 million secured revolving debt facility for the plants from June 2013 to June 2015.
On Wednesday, PetroLogistics (PDH) said that it temporarily shut its propane dehydrogenation facility down for unscheduled repairs on Monday, December 17th, because of damage to a compressor. The partnership believes that all repairs can be finished in roughly 3 weeks and at a cost of about $2 million, but currently it can not give assurances for the exact amount of time required for repairs or the total cost of repairs. For the rest of the month, the partnership will supply its propylene customers’ nominations out of inventory.
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