Company News

RWE, Germany's second-biggest utility, has put its oil and gas exploration unit up for sale in a move that could raise close to EUR 5B as a part of its drive to cut debt. RWE had previously said it only wanted to sell parts of the DEA unit that accounted for 23% of the group's operating profit in 2012.

CIRCOR International, a leading provider of valves and other highly engineered products for energy, oil & gas, power generation and aerospace markets, announced financial results for the first quarter ended March 31, 2013.

Mechanical engineering group EnerMech announced at OTC in Houston that it has invested more than USD 20.2M as it steps up its drive to cement its presence in the US and Mexico. A recent move to a new 50,000 sq ft workshop, office and storage facility near to Houston’s Energy Corridor has been followed with a USD 14 million investment in new Process, Pipeline and Umbilical (PPU) equipment and in opening a base at Villahermosa, Mexico. For the Aberdeen headquartered company, the lure of the Gulf of Mexico and its deepwater projects is strong and the strategic investment is already paying off with confirmation of a number of PPU contracts in 2014 worth up to USD 9.3M. The headcount stands at 40 but Vince Kouns, president of EnerMech’s US operation, expects that to grow to 120 by the end of 2013 with turnover more than trebling from USD 6.2M – USD 23.3M, and trebling again to USD 78M in 2015. The company has a lengthy connection to Houston through respected hydraulics specialist Norson Power which was acquired in 2010 and Kouns, along with VP Alan Sweeney is focussed on replicating that success in PPU, cranes and lifting, equipment rental, valves and training services.