Last week was a huge success and a big week in closing the business work week. Talos Energy has bought out Stone Energy and McDermott International Inc. bought out CB&I. This is huge for the industries as both have been looking to close the deals for some time and finally made it a reality. Buckeye Partners cancelled its deal with Southern Gateway and it seems to be the ending of the deal for now. BP Energy Partners is gearing up for $475 million for an equity fund that remains private.
A few things must be noted with these companies that closed the major deals. Beginning with Talos Energy, 63% of share holders owned Talos Energy and the rest is still held by Stone Energy. The majority of the shareholders is the one that primarily owns the company through the investors. McDermott International Inc. brought out CB&I for a whopping $6 billion. The CB&I Company had been going downhill for about the last two years and McDermott will be picking up what remains of the company. CB&I still has a 2 year lease on the property in the Houston location and once the contract is up they will completely fall into place with McDermott. Located in Houston also, the Buckeye Partners will partner with Phillips 66 as it has recently closed the project of the Southern Gateway pipeline. And the lastly noted item was the Enbridge Inc. Valley Crossing Pipeline has also been delayed due to rough waters east of the Rio Grande at the US and Mexico boarder and is has a 1,000 foot area crossing into the Mexico side of the boarder. They plan on finishing the pipeline up to the crossing of the boarder by the end of this month if all things can work out in their favor.