Dril-Quip, Innovex Downhole announce merger
Dril-Quip and Innovex Downhole Solutions have announced a definitive all-stock merger agreement. Upon closing, expected in Q3 2024, the combined company will be known as Innovex International.
The merger is expected to accelerate the marketing of Dril-Quip’s Canadian wellhead business in the US onshore market, as well as enable the growth of Innovex’s downhole tools portfolio across the Canadian onshore market. Market growth is also expected for Innovex’s deepwater well construction portfolio.
Current Innovex CEO Adam Anderson will become CEO of the combined company and will join its Board of Directors. Kendal Reed, current Chief Financial Officer of Innovex, will serve as Chief Financial Officer of the combined company. The remainder of the combined company’s leadership team is expected to include executives from both Dril-Quip and Innovex.
SLB inks deals for ChampionX, carbon capture business
SLB has agreed to acquire ChampionX, which will allow SLB to offer integrated solutions throughout the entire production lifecycle. The transaction is set to close before the end of 2024. SLB expects to realize annual pre-tax synergies of approximately $400 million within the first three years post-closing.
Separately, SLB also announced an agreement to combine its carbon capture business with Aker Carbon Capture (ACC). The combination will leverage ACC’s commercial carbon capture product offering and SLB’s new technology developments and industrialization capability.
Equinor orders remote-controlled completion systems
Optime Subsea has been contracted by Equinor to deliver two Remotely Operated Control Systems (ROCS) for the operator’s Irpa field development. This award comes three months after Equinor ordered a ROCS for use at its Rosebank field, west of Shetland, UK.
ROCS eliminates the need for both the umbilical, which connects the surface to the seabed to control the tubing hanger in subsea well completions, and the topside hydraulic control unit.
New acquisition boosts Bishop Lifting’s footprint
Bishop Lifting completed its acquisition of Bairstow Lifting Products, a supplier of rigging products and fall protection solutions in Atlanta, Ga. This marks Bishop’s 13th acquisition since 2012.
AGR wins consultancy work with Norway’s Petoro
Petoro, a Norwegian state-owned company, has awarded a frame agreement to AGR for the provision of independent consultancy and third-party verification studies within subsurface, drilling and wells and field development. The frame agreement is valid for three years, plus options for two one-year extensions.
Turnco expands with acquisition of Drill Spec
Turnco recently acquired Drill Spec Services. The move is expected to double Turnco’s capabilities in the oil country tubular goods domain. Anthony Cooper, who served as President of Drill Spec, will retain a role within Turnco with level III advisement and will assist with business development.
APA Corp acquires Callon, updates executive team
APA Corp’s acquisition of Callon Petroleum has been completed, adding to the company’s Delaware position and overall Permian asset base. The acquisition will bring APA’s daily reported production to 500,000 boe, approximately two-thirds coming from the Permian. The acquired assets include approximately 120,000 net acres in the Delaware Basin and 25,000 net acres in the Midland Basin.
Separately, APA updated its executive leadership team to coincide with a restructuring of its development function and the Callon acquisition. Steve Riney, President and CFO, will oversee asset development functions, in addition to continued oversight of finance functions. Ben Rodgers has been named Senior VP, Finance and Treasurer, leading market strategies, treasury, accounting and tax. Castlen Kennedy was promoted to Senior VP, Corporate Affairs and Marketing.
Talos announces divestiture of its entire CCS business
Talos Energy has agreed to sell its carbon capture and sequestration (CCS) business to TotalEnergies for $125 million. This includes three CCS projects along the US Gulf Coast: Bayou Bend, Harvest Bend and Coastal Bend. The company cited its prioritization of cash flow generation and capital allocation in its core upstream business as key drivers.
Chevron invests in carbon capture tech company
Chevron New Energies (CNE), a division of Chevron, announced a lead investment in ION Clean Energy, a technology company that provides post-combustion point-source capture technology through its third-generation ICE-31 liquid amine system. ION raised $45 million in Series A financing led by CNE.
Neo Oiltools has appointed Robert Borne as CEO. Most recently, Mr Borne served as Baker Hughes’ Executive Director for North America Wireline Services. Neo Oiltools manufactures NeoTork, a downhole torque management tool.
PRODUCTS
Ultrasonic sensors achieve accurate measurements of CO2 during gas flaring
Fluenta’s new FlarePhase range of ultrasonic sensors aims to help the industry overcome the challenges associated with measuring CO2 in the gas stream during flaring operations. The sensors are available in three models and come with a wide range of operating temperatures, from -200°C to 350°C.
In January 2024, Fluenta conducted a confirmation test at IPT Brazil that verified stable and accurate flow measurement in a composition with 99% CO2 flowing through a 10.5-in. pipe.
In addition, Fluenta measured in a wide range of other gas compositions and conditions, demonstrating the accuracy of its proprietary physics modeling and predictive performance tool, which can accurately assess the performance of all Fluenta sensors in almost any process condition.
The primary technique for measuring flare gas volumes with ultrasound relies on the time-of-flight principle to determine gas velocity. Placing two transducers at an angle across a flare line, capable of sending and receiving signals, allows accurate calculation of the flow velocity. However, CO2 strongly attenuates ultrasonic signals, which is a key technical challenge.
Flare gas with CO2 levels exceeding 40% has historically posed challenges for precise ultrasonic measurement. While ultrasonic measurement provides a much more accurate approach for assessing flare gas, it is essential to acknowledge that ultrasonic signals can be absorbed by CO2. This absorption effect is significant, with signal attenuation reaching extreme levels of up to 100,000 to 1, even in smaller pipe sizes.
To address this, Fluenta developed a proprietary physics-based tool to accurately predict performance in various process conditions.
Flare gases typically exhibit different compositions depending on whether the facility operates under normal conditions, abnormal conditions or during blow-down scenarios. Fluenta’s tool calculates capability based on combinations of up to 20 gases at a full range of concentrations.
BatteryStar hoist designed to offer power, portability
The BatteryStar hoist, developed jointly by Columbus McKinnon Corp and Milwaukee Tool, provides the lifting strength and speed of an electric chain hoist and the portability of a manual hoist, without the need for time-consuming manual operation or access to a power source.
The hoist uses Milwaukee Tool’s M18 REDLITHIUM Battery, which can be quickly replaced for minimal operation interruption. It weighs 46 lb with the standard 20 ft of chain.
Further, the hoist reduces operator fatigue and keeps the operator out of the load path with a wireless remote that can control the hoist from up to 60 ft away. The remote features built-in intelligence that alerts the operator when the hoist is over capacity or the battery has less than 25% charge, so the battery can be replaced proactively. When used in conjunction with an app, it can also indicate if hoist inspection is due.
New diverter optimizes casing running speeds
Halliburton’s SuperFill II diverter redirects fluid flow to minimize frictional pressure loss through the length of the landing string, which enhances the benefits of the auto-fill float equipment. The innovative operating glass seat provides an open internal flow path with no restrictions once the diverter is closed.
The diverter is compatible with the industry’s liner and subsurface release plug systems. The versatility of this feature ensures increased efficiency throughout the entire operational spectrum, from running casing to total depth, to the release of the cementing wiper plugs, to the installation of the liner.
Quick-opening closure improves reliability
The GD Bandlock2 quick-opening closures from Celeros Flow Technology are designed to prevent premature failure during normal process operations.
The closures provide horizontal or vertical access to any pressure vessel and feature a locking band technology that ensures the closure cannot be operated if any residual pressure remains in the vessel or pipeline. This mechanism will function reliably regardless of pressure vessel size or operating conditions.
Cases allow safe transport of lithium-ion batteries
DENIOS introduced a line of BatterySafe cases to transport lithium-ion batteries in accord with international regulations. The cases are cushioned with Pyrobubbles, an extinguishing agent that provides protection against thermal runaway and exothermic reactions.
They are reusable and have an operating temperature range from -4°F to 176°F, and a storage temperature range from 60°F to 86°F. Further, the cases are compliant with international regulations, including special regulation 376, packaging instruction 908 ADR for damaged and defective lithium-ion batteries, special regulation 310, packaging instruction P910 for transport of prototypes, and special regulation 377, packaging instruction 909 for transport for recycling for undamaged and non-defective, or End of Life lithium-ion batteries.
