Feb 7, 2017

Will Delek's hopes to take over Ithaca Energy be dashed?

Oil & Gas
Nell Walker
2 min
Delek Energy is attempting to take over Ithaca Energy, but now f...

Delek Energy is attempting to take over Ithaca Energy, but now faces a road block.

Delek, Ithaca’s biggest shareholder, plans to take over its mother company in a bid of C$1.24 billion (including debt). While the board has approved the move, a minority shareholder claims it undervalues the company just before the expected huge rise in oil volumes from the Greater Stella, UK area.

The chairman of Ithaca, Brad Hurtubise, claims that the deal will prove positive for all involved and secure a better future for the business. In 2016, Ithaca lost millions, but its shares climbed slowly on the approach to this year.

According to The Telegraph, a fund manager at Cavendish Asset Management (Ithaca’s fourth largest shareholder), Paul Mumford, strongly believes that the bid should be rejected.

“I anticipate lots of potential deals in the future – Ithaca’s shares have been as high as 140p a share in the past and with a further rise in oil price it could go even higher, meaning this acquisition would be relatively cheap, and Delek Group will see a good payback in a short space of time.

“With a market cap of approaching £500 million I believe Ithaca has considerable long term potential so investors who are bullish of the outlook for oil prices should sit tight.”

Head of Delek, Asaf Bartfield, disagrees:

“The Ithaca transaction will substantially strengthen our international operational arm, and is a synergistic step to our existing activities. We believe Ithaca will contribute to our continued growth and we look forward to reinforcing and building on our status in international markets.”

Delek’s full proposal will be presented to all shareholders by the end of March, after which they will have 35 days to respond.

 

Read the January 2017 issue of Energy Digital magazine

Follow @EnergyDigital

Share article

May 6, 2021

Global Offshore rebrands Enelift and invests in global hubs

Tubulars
rebrand
Globalhubs
Dominic Ellis
2 min
Enelift plans to augment existing solutions with robotics and remote operational and training technology

Global Offshore has rebranded Enelift and will invest "a seven-figure sum" in establishing new support hubs in Houston, Dubai, Singapore, Perth and the Caspian during the next six months.

The investment will cover oil, gas and renewables, mainly concentrating on manufacturing capability with associated R&D, as well as in stock held in the hubs.

The company’s flagship Hinge Lok technology provides aluminium, non-welded light weight transportation cradle for casing and tubing. Enelift now plans to enhance its offering by augmenting its existing solutions with robotics and remote operational and training technology, which will reduce manpower for handling offshore equipment that is transported and stored using the Hinge Lok system.

Enelift is partnering with "a Japanese robotics company" and the technology will be trialed with "a Norwegian operator on a Norwegian drilling rig", according to a statement.

Operating from its bases in Aberdeen, UK and Esbjerg, Enelift was founded by 35-year industry veteran and Managing Director Paul Brebner 10 years ago to offer the offshore energy industries safe, reliable and efficient storage and transportation of equipment.

The expansion plans are bolstered by the appointment of Jim Clark of the Craigendarroch Group to Chairman, and Adam Maitland to Non-Executive Director. Maitland is the Managing Director of Hutcheon Mearns IF, and brings his wealth of expertise in the field of corporate finance.

Brebner said Enelift may be a new name in the market, but the experience it brings is "industry renowned".

"Our solutions are underpinned by safety that enables inefficiencies and their associated costs to be eradicated – meaning operational personnel can focus doing what they do best, safely. We remain committed to providing the safest storage and transportation solutions for equipment in the sector as we grow our global operations," he said.

Clark said the market is changing and its solutions fully support customers’ economic and safety aspirations.

"We are very well placed to take full advantage of increasing opportunities in the Middle East, Africa, Far East and Americas. Safety is our absolute commitment to our customers and our support hubs will facilitate this. Aligning our identity to our entire offering ensures that we will drive our expansion through new products and global support sites across the rest of this year."

 

Share article