Blackstone Forms Partnership for Offshore Oil & Gas Drilling Services
February 11 2016 - 9:02AM
Business Wire
Blackstone (NYSE:BX) today announced that it has formed Clarion
Offshore Partners LLC (“Clarion”), a new platform to provide
strategic solutions to the offshore oil and gas drilling and
services sector, with a financial commitment from private equity
funds managed by Blackstone.
Clarion’s investment mandate is broad and flexible, enabling the
partnership to pursue opportunities with a wide array of industry
participants, including offshore drilling companies, shipyards,
financial institutions, investors, and oil & gas operators. The
partnership will provide creative financing solutions including
growth and restructuring capital to the sector.
The Clarion team is led by senior executives with extensive
experience in the offshore drilling services sector and has
operated in virtually every offshore basin in the world. Clarion’s
Chairman Louis Raspino, together with partners Greg Looser, Kevin
Robert, and Ron Toufeeq, were the majority of the executive
management team at Pride International. Under the leadership of Mr.
Raspino as Chief Executive Officer, with Mr. Toufeeq as Chief
Operating Officer, Mr. Robert as Chief Commercial Officer and Head
of Business Development, and Mr. Looser as Chief Administrative
Officer and General Counsel, Pride International restructured its
balance sheet, rebuilt its worldwide management team and
infrastructure, and executed asset rationalizations. These efforts
established Pride as a leading international offshore drilling
company with a heavy emphasis on investment in deepwater
growth.
Louis Raspino said, “This is an opportune time in the industry
for a well-capitalized and experienced team to provide creative
financing and operational solutions. Balance sheets are under
severe pressure, existing operators are challenged to deploy
assets, and related parties throughout the value chain are also
facing financial pressures. We believe Clarion can be a partner of
choice to the industry and we are excited about partnering with
Blackstone.”
Michael Ryder, a Senior Managing Director with Blackstone Energy
Partners, said, “We are very pleased to form this partnership with
Clarion, which brings together our global energy investing
experience and a best in class management team. Louis and the team
are uniquely positioned to contribute deep strategic and
operational expertise, having successfully led Pride and other
organizations. We look forward to working with Clarion and other
industry participants in the coming years.”
About Blackstone Energy Partners and Blackstone
Blackstone Energy Partners is Blackstone's energy-focused
private equity business, with a successful record built on
Blackstone's industry expertise and partnerships with exceptional
management teams. Blackstone has invested over $8 billion of equity
globally across a broad range of sectors within the energy
industry.
Blackstone is one of the world’s leading investment firms. We
seek to create positive economic impact and long-term value for our
investors, the companies we invest in, and the communities in which
we work. We do this by using extraordinary people and flexible
capital to help companies solve problems. Our asset management
businesses, with over $330 billion in assets under management,
include investment vehicles focused on private equity, real estate,
public debt and equity, non-investment grade credit, real assets
and secondary funds, all on a global basis. Blackstone also
provides various financial advisory services, including financial
and strategic advisory, restructuring and reorganization advisory
and fund placement services. Further information is available at
www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
About Clarion Offshore Partners
Clarion Offshore Partners is a global investment platform that
provides strategic solutions to the offshore oil & gas drilling
industry. With a broad and flexible mandate, Clarion seeks to
provide creative solutions to a wide spectrum of industry
participants including, offshore drilling companies, shipyards,
financial institutions, entrepreneurs, and oil and gas operators.
Clarion is a partnership between Blackstone and former senior
executives of Pride International. Further information is available
at www.clarionoffshore.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160211005756/en/
BlackstonePaula Chirhart, +1
212-583-5011paula.chirhart@blackstone.com
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