Page 74: of Offshore Engineer Magazine (Jul/Aug 2014)

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Companies

Activity

Pemex retreats from Repsol

Petróleos Mexicanos’ (Pemex) Board of Directors unani- Repsol, the state-owned ? rm announced 4 June. Pemex expects mously voted to sell its 7.86% stake of Spanish oil company to net US$900 million as a result of its decision, selling the shares for $27.36, up from the 2011 purchase price of $27.16.

Citibank and Deutsche Bank are managing the transaction, which is expected to close 5 June. Its exit was due to low stock returns, Pemex said, while also expressing concerns over “dif- ferences with its corporate governance practices,” saying that its investment did not include the “mutual bene? ts Pemex expected” from the “industrial alliance” that promised coopera- tion in upstream and LNG operations, with Pemex maintaining a 5-10% stake. Following Mexico’s historic energy reform, the divestment would free up funds for projects and investments with higher domestic economic value, Pemex said. Under the

Pemex CEO Emilio Loyola, right, with Total CEO Christophe reform, Pemex will be able to partner with companies for the de Margerie. Photo from Pemex.

? rst time since 1938.

Marathon keeps

June. The formal change in owner- the Dubai Technology Center coincides

UK North Sea assets ship was cemented with the immediate with the upcoming market launch of change of Apply Altra’s company name, Peak’s ISO-14310 V3-rated SIM+ Plug to Ramboll Oil & Gas. With presence Systems, a range of high performance in Norway, Denmark and now also the ? ow control technologies.