Oil and gas industry announcements: 13 January 2015

Albemarle

Albemarle Corporation has completed it acquisition of Rockwood Holdings, Inc. pursuant to the terms of their previously announced Agreement and Plan of Merger dated as of July 15 2014. Under the terms of the merger agreement, Rockwood has become a wholly owned subsidiary of Albemarle and each previously outstanding share of Rockwood common stock has been converted into the right to receive US$50.65 in cash, without interest, and 0.4803 of a newly issued share of Albemarle common stock. As a result of the complete of the transaction, Rockwood shares will cease trading on and will be delisted from the New York Stock Exchange. Wells Fargo, the exchange agent for the transaction, will be communicating with the record holders of Rockwood stock with instructions as to how to exchange their Rockwood shares for the merger consideration.

Delta International

Delta International Oil & Gas, Inc. has announced that their CEO, Malcolm W. Sherman, is to retire effective December 31 2014. The Delta Board of Directors appreciates the time and efforts expended by Sherman over the past two years that he has served as CEO during the transition aft her the loss of Dr. Peralta.

ExxonMobil

ExxonMobil Corporations marine affiliate, SeaRiver Maritime, Inc., has named the ‘Eagle Bay’, the second of its two new US flag crude oil tankers, at a ceremony at Aker Philadelphia Shipyard. The first in class vessel, constructed at the shipyard, incorporates the latest safety, navigation and engine room technologies and will begin supplying crude oil from Alaska North Slope to refineries along the US west coast later this year. The double hull ship is 820 ft long and has capacity to carry 800 000 bbls of oil.

SeaRiver Maritime’s contract with Aker for two tankers, valued at US$400 million, delivered a significant economic boost to the greater Philadelphia region where it generated employment and millions of dollars in revenue. When placed into service, the new tankers’ economic contributions will extend across the US to Alaska, California and Washington as they begin to support oil production and refining operations. They will replace two existing double hull tankers.

P&G

For the fifth consecutive year, Breakthrough Fuel has received the Business Partner of Excellence award from Procter & Gamble (P&G). The award honours Breakthrough Fuel for consistently performing at high levels based on qualitative and quantitative evaluations by P&G. The award recognises the company’s success in partnering with P&G to develop and execute a fuel management strategy that provides metrics and market insights to reduce the energy costs, consumption and emissions for shipping P&G’s products throughout North America.

Willbros

Willbros Group, Inc. has announced that Harry New has joined the company as President of its oil and gas segment, where he will have operating responsibility for the company’s portfolio of oil and gas construction services in the US. New will report operationally to Michael Fournier, President and COO. New was previously with Willbros in the 2005 – 2011 timeframe when he last headed the mainline pipeline construction activities of the company as President, US Construction.

Edited from press releases by Claira Lloyd

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