•  
  •  
  •  
  •  
  •  
  • Untitled Document
    Untitled Document

    Endeavour to review strategic options including company sale or merger

    Endeavour International Corp. (NYSE: END) (LSE: ENDV) is considering strategic alternatives, including a possible sale or merger of the company, as shares of the international oil and gas exploration and production company continues to disappoint.

    Shares of the company opened at $4.38 and reached its 52 week low of $3.24 Thursday afternoon. The company reached its 52 week high of $13.48 on March 19, 2012.

    Tudor, Pickering, Holt & Co. and Lambert Energy Advisory Ltd. have been engaged as financial advisors to Endeavour as it considers a full range of options, including:

    •    A sale, joint venture or partnership in respect of the company's activities in the North Sea;
    •    A sale of specific assets;
    •    A sale or merger of the company; or
    •    Continuing to execute on the company's operational plan.

    "Our Board of Directors, management and shareholders continue to be disappointed by the dislocation between the underlying asset values and our stock price," said William L. Transier, chief executive officer.  "We have built a world class operational team and portfolio of assets in the North Sea. We also have a very talented team and evolving portfolio of assets in North America. Our focus during the last two years has been to fully implement development projects in the North Sea and use the cash flows from these projects to repay debt and advance our strategy.  In a challenging environment, we have accomplished new production and increased cash flows in 2012.  However, delays and the high cost environment of the North Sea continue to impact our ability to execute effectively on our strategic plan."

    "The initiation of a review of strategic alternatives will allow us to explore options that can accelerate the realization of value for the benefit of our shareholders," Transier continued. "While we review alternatives, we remain focused on executing on our operational plan to realize the long-term value of our assets."

    New CFO
    Separately, the company has announced the promotion of Catherine 'Cathy' L. Stubbs to senior vice president and CFO, effective immediately.  

    "I have had the pleasure of working with Cathy for over twenty years and she has been with Endeavour since the Company was founded," said Transier. "With her experience and understanding of our business, she is the right person to lead our financial team."

    Stubbs has over 20 years of experience in financial management in the energy industry and eight years with Endeavour. She has served in various roles of increasing responsibility in corporate development, accounting and financial controls, and treasury roles since the inception of Endeavour and most recently served as the senior vice president, finance. She began her financial career with KMPG and worked at Ocean Energy and predecessor companies where she served in a number of financial management positions. She holds a master of business administration and a bachelor of business administration from the University of Texas Austin.


    Most Popular

    Related Articles

    Shell-BG merger receives EU antitrust clearance

    09/03/2015 Royal Dutch Shell’s combination with BG Group has received unconditional merger clearance from the European Commission. Together with the pre-conditional clearance in Brazil, two of the five pre-co...

    Schlumberger acquires Novatek companies

    09/03/2015

    Schlumberger has acquired Novatek Inc. and Novatek IP LLC, US-based companies that specialize in synthetic diamond technology primarily for the oil and gas industry.

    Crestwood schedules special meeting date for proposed merger

    08/31/2015

    Crestwood Midstream Partners LP will hold a special meeting on Sept. 30 for its unitholders to vote on proposals related on a proposed simplification merger.

     

    Cameron to sell offshore rig business to Keppel O&M for $100M

    08/31/2015 Keppel Offshore & Marine has, through its wholly owned subsidiary Keppel Offshore & Marine USA Inc., entered into a stock and asset purchase agreement with Cameron International Corp. to ac...

    Accenture to acquire Schlumberger Business Consulting

    08/17/2015

    Accenture has entered into an agreement to acquire Schlumberger Business Consulting, the management consulting unit of Schlumberger. Terms of the acquisition were not disclosed.  

    Hannon Westwood acquires specialist upstream consulting firm

    08/06/2015

    Hannon Westwood, a UK-based exploration research and analytics firm, has completed its acquisition of Novas Consulting Ltd. for an undisclosed sum.

    More Oil & Gas Financial Articles

    Shell-BG merger receives EU antitrust clearance

    Thu, Sep 3, 2015

    Royal Dutch Shell’s combination with BG Group has received unconditional merger clearance from the European Commission. Together with the pre-conditional clearance in Brazil, two of the five pre-conditions to the combination have now been satisfied.  

    Schlumberger acquires Novatek companies

    Thu, Sep 3, 2015

    Schlumberger has acquired Novatek Inc. and Novatek IP LLC, US-based companies that specialize in synthetic diamond technology primarily for the oil and gas industry.

    Crestwood schedules special meeting date for proposed merger

    Mon, Aug 31, 2015

    Crestwood Midstream Partners LP will hold a special meeting on Sept. 30 for its unitholders to vote on proposals related on a proposed simplification merger.

     

    Cameron to sell offshore rig business to Keppel O&M for $100M

    Mon, Aug 31, 2015

    Keppel Offshore & Marine has, through its wholly owned subsidiary Keppel Offshore & Marine USA Inc., entered into a stock and asset purchase agreement with Cameron International Corp. to acquire Cameron’s offshore rigs business (comprising the LETOURNEAU jackup designs, rig kit business, and aftermarket services) for $100 million.

    Accenture to acquire Schlumberger Business Consulting

    Mon, Aug 17, 2015

    Accenture has entered into an agreement to acquire Schlumberger Business Consulting, the management consulting unit of Schlumberger. Terms of the acquisition were not disclosed.  

    OGFJ photo of the day


    Click to view slideshow

    Oil & Gas Jobs

    View more Job Listings >>
    Subscribe to OGFJ