Curtiss-Wright Buys Cimarron, Cameron Gets First Newbuild Drillship Order: Energy Biz Wrap

On Monday, a joint Israeli-Americam consortium that is developing the Tamar natural gas field lying off Israel’s Mediterranean coast announced that it had reached gas supply arrangements worth around $4 billion, with divisions of the conglomerate Israel Corp. (IRLCF.PK)(IRLCY.PK). Overall, the site should provide a minimum of 16 billion cubic meters of natural gas in three, multi-year contracts. There was a prior agreement through which Israel Corp would purchase Egyptian gas, but that country ceased to supply gas to Israel earlier in 2012. At Tamar, Noble Energy (NYSE:NBL) of Texas will lead the drilling group with a 36 percent interest.

In a Monday press release it was announced that Curtiss-Wright Corporation (NYSE:CW) is purchasing Cimarron Energy, by acquiring its parent company Cimarron Energy Holding Company, at a price of around $135.1 million in cash. The latter is a top maker of highly customized and engineered energy production, processing and environmental solutions for the domestic oil and gas industry. The acquired unit will become part of Curtiss-Wright’s Flow Control segment.

Cameron International Corporation (NYSE:CAM) reports that it has received an order from STX Offshore & Shipbuilding Co., in the approximate amount of $275 million, to provide a complete drilling equipment package for a 12,000 foot ultradeepwater drillship. The latter has a contract to construct a new drillship from Sigma Drilling, of which Vantage Drilling Co. is a partner. This order marks Cameron’s first complete rig package for a newbuild drillship.

Are these stocks a buy or sell? Let us help you decide. Check out our Wall St. Cheat Sheet Stock Picker Newsletter now >>

More Articles About:   , ,