Edit ModuleShow Tags

Valerus Selling Field Solutions Unit

Spinoff enables more focus on contract compression


Published:

Valerus has agreed to sell Valerus Field Solutions for US$435 million to Kentz Corp. Ltd., the holding company of the Kentz engineering and construction group.

Valerus Field Solutions consists of processing and treating, production equipment, compression and integrated services business lines. The remaining Valerus contract services and after-market service business lines will become a stand-alone company. The two businesses will continue to work together.

Steve Gill, presently the senior vice president of commercial, will be CEO for Valerus Field Solutions under Kentz. Pete Lane, current Valerus CEO, will continue in that role for the remaining company, which will be renamed.

Valerus said the sale will enable it to focus on delivering service-based solutions for customers including contract compression, contract production and processing solutions, fee-based gathering, processing and pipeline solutions, and aftermarket field services globally.

Edit ModuleShow Tags

Archive »Archive »

HiPower Systems Signs New Distributor

HiPower Systems, a manufacturer of power generation and power distribution equipment in the U.S. and Canada, has signed RDO Equipment Co. to be a distributor in North Dakota, South Dakota, Minnesota and eastern Montana.

Altenesol Completes 15-Year LNG Contract

IAHL Corp. announced that its subsidiary, Altenesol LNG Colombia S.A.S., has finalized a 15 year take-or-pay agreement for its first LNG train.

EIA: Report Week Ends With Flat Natural Gas Prices

Natural gas prices were flat at most trading locations between March 11 to March 18 (the report week), according to the Environmental Information Administration (EIA).

EQT Midstream Partners Buys EQT’s Virginia Gas Gathering System

EQT Midstream Partners has entered into an agreement with EQT Corp. to acquire its Northern West Virginia Marcellus Gathering System, along with a preferred interest in an EQT subsidiary, for US$1.05 billion.

Beta’s Leadership Team Adds Two

Beta Machinery Analysis (Beta) announced two additions to its leadership team. The new personnel reflect BETA’s growing business in China and Southeast Asia, and its expanded services in piping vibration and integrity.