www.pwc.co.uk
Global Oil & Gas Deals Practice An international network of Oil & Gas deal advisors
2015 An international network of Oil & Gas professionals
We have comprehensive resources to help Oil & Gas companies understand and manage challenges in an ever-changing industry. PwC is the world’s leading professional adviser to the Oil & Gas industry, serving many of the world’s top global Oil & Gas companies. Leading Oil & Gas companies recognize the value that we bring to their businesses.
We are well-known in the marketplace for our skills in assisting with and executing all types of transactions. We help our clients in mergers and acquisitions, including financial, commercial and operational due diligence, accessing the capital markets and valuing, negotiating and structuring deals. We also assist with carve outs, divestments and development of exit strategies.
Our deals teams draw on the expertise and perspective of our Oil & Gas advisory services professionals to put clients and other Oil & Gas sector stakeholders at the leading edge. Our insight into rapidly changing Oil & Gas environments helps companies improve their performance and competitiveness.
We help companies throughout the hydrocarbon value chain including exploration, production and service companies. We help them develop and implement business solutions tailored to their needs. We have in excess of 5,000 Oil & Gas professionals across the globe and are present in all significant Oil & Gas territories. Our strength in serving this truly international sector comes from our skills, our experience and the strong interconnection we maintain among our global industry specialists – our truly international network of professionals.
1 We actively involve ourselves with industry players of all sizes and contribute to the discussion on key trends and developments
2,500 195,000 We serve over 2,500 energy and With more than 195,000 professionals in 157 utilities clients around the world, countries working collaboratively, PwC uses including 1,500 Oil & Gas companies connected thinking to develop fresh and over 75% of the world’s largest perspectives and practical advice. energy companies listed in the FT Global 500
Regional Oil & Gas centres of excellence
Moscow Calgary London Almaty
Houston Beijing
New Delhi Dubai
Caracas Kuala Lumpur Lagos Jakarta
Rio De Janeiro
Perth Johannesburg Melbourne 5,600 Over 5,000 dedicated Oil & Gas professionals, including 400 partners
Please note that this document provides an overview of a selection of our senior global deals professionals and is not an exhaustive list.
2 PwC has broad transaction related and sector specific capabilities which can be drawn on across the deal lifecycle
Our core deal teams combine experienced transaction practitioners with deep Oil & Gas experience and ready access to our extensive network.
PwC capabilities
Tax strategies Legal deal alternatives What are my Strategy evaluation Lead advisory alternatives, Identify whom should I Market and industry Market entry analysis analysis target? Corporate intelligence Deal origination Corporate integrity Pre-deal Financial due diligence Risk assessment Tax due diligence HR diligence and strategy Evaluate How do I avoid Operational due diligence Financial modelling paying too much? Valuation advice Environmental/ Carbon Due diligence Public bid support Capital projects Corporate finance
Deal structuring / tax Negotiation assistance advice Completion assistance Deal What is the most Legal and regulatory execution Execute efficient way to Purchase price allocation advice and approvals close the deal?
Sale and purchase agreement advice
100 day planning Corporate governance design Transition support How do I achieve Add-on deal identification Maximise stability and early Project management post deal wins? Synergy implementation Transition
Performance Human resources and improvement culture change How do I manage Systems and IT Strategic repositioning Change change programmes? Organisational design Business process and infrastructure Value Chain Transformation Post-deal
Sell-side due diligence Value analysis and carve-out How do I harvest Decision analysis Harvest value from the IPO advice and capital Secondary listings combination? and debt raising SPACS (Special Purpose Capital and debt raising Acquisition Companies)
3 Oil & Gas deal leaders for selected territories
Canada United Kingdom Russia and CIS
Clinton Roberts (p.24) Drew Stevenson (p.5) Lev Vilyaev (p.21) Tel: +1 403 509 7307 Tel +44 141 355 4110 Tel: +7 495 232 5703 [email protected] [email protected] [email protected]
USA
Doug Meier (p.22) Tel: +1 713 356 5233 [email protected] China
Ken Su (p.30) Brazil Tel: +86 10 6533 7290 [email protected]
Christian Silva Gamboa (p.25) + 55 11 3674 3378 [email protected]
South Africa Australia
Jan Groenewald (p.26) Wim Blom (p.34) Tel: +27 11 797 5380 Tel: +61 7 3257 5236 [email protected] Middle East [email protected]
Maarten Wolfs (p.14) +971 4 304 3100 [email protected]
Note: We have included page references in brackets above to the CV’s of the territory leaders.
4 UK deals practice
Tony Skrzypecki Drew Stevenson Neil Leppard Partner, UK Partner, UK Director, UK
Tony chairs the Global Oil & Gas Deals Drew leads PwC’s UK Transaction Services Neil is a Director with over 15 years of deal Network. He has over 25 years of deal team. He has worked full-time in M&A for experience, including 3 years working in experience and leads our UK Public Bids over 18 years and focused on Oil & Gas deals Transaction Services in the US. Neil specialism and in that role has direct for over 15 years. His clients include a range specializes in financial due diligence. He experience of many live hostile bid of corporates, private equity funds, banks has extensive deal experience and has projects. His experience is on both and sovereign wealth funds on both the buy worked with a diverse range of clients on upstream and downstream (including and sell-sides. both the buy and sell-sides. refining, trading, and retail) Oil & Gas Selected deals include: Selected deals include: businesses, buy-side, sell-side, public to • Sell-side due diligence on the disposal • Acting for an under-bidder looking at private as well as hostile public situations. of OEG to KKR; Salamander Energy plc; Selected deals include: • The $3.3bn bid for Foster Wheeler by • Silverfleet ‘s acquisition of AGR for • Buy-side due diligence on the c$2bn Amec PLC; $0.2bn; • Acquisition of MDM Engineering by offer for Coastal Energy by CEPSA, the • Acting for CEPSA in their acquisition Foster Wheeler for $109m; Spanish oil & gas business owned by of Coastal Energy plc for $2.2bn; IPIC; • Combination of Falkland Oil & Gas Limited and Desire Petroleum PLC; • BTG’s acquisition of a 50% stake in • Due diligence on Sinochem’s Petrobras’ African assets; acquisition of a 40% interest in • Cairn Energy’s £414m acquisition of • Cairn Energy’s £414m acquisition of Statoil’s Peregrino field for $3bn; Nautical Petroleum; • Vallares PLC’s $2.1bn acquisition of Nautical Petroleum plc; • Due diligence for Vitol and Helios on Genel Enerji; • PTTEP’s $1.9bn acquisition of Cove the $1bn acquisition of Shell’s African • Jacob Inc’s ~$913m acquisition of Aker Energy; Downstream assets; Solutions’ P&C division; • Due diligence on Dominion Petroleum • BTG’s acquisition of a 50% stake in • Weir Group’s acquisitions of Pompe plc’s acquisition by Ophir Energy plc; Petrobras’ African assets; Gabbionetta, Linatex, American Hydro • Due diligence on Sinochem’s • Leading a review of the Europoort and R Wales Group, as well as disposals acquisition of a 40% interest in refinery on behalf of a financial bidder; of Strachan & Henshaw and LGE Statoil’s Peregino field for $3bn; • Undertaking the buy-side review of the Process; • Due diligence for Vitol and Helios on BP Coryton refinery on behalf of a • Merger of three businesses to form RBG the $1bn acquisition of Shell’s African major NOC; and various subsequent transactions for RBG, as well as vendor due diligence Downstream assets; • Acting for Shell when bidding for prior to its disposal to Stork Technical • Due diligence on the Coryton, Enterprise Oil. Services; Europoort (Netherlands – • SCF Partners’ acquisition of Corpro to KPC) refineries and Stanlow, Heide form the Reservoir Group and various and Hamburg (UK – Shell) refineries. subsequent bolt on transactions.
Tony Skrzypecki Drew Stevenson Neil Leppard
Transaction Services Transaction Services Transaction Services
+ 44 207 804 5500 +44 141 355 4110 +44 207 804 3168 [email protected] [email protected] [email protected]
Upstream Oil & Gas AGR Petroleum Coastal Energy BTG We have advised a large number of significant transactions Services plc in the upstream sector, both acquisitions of UK interests Financial and tax due and international deals. Understanding license diligence in connection with Financial and tax due Buy-side due diligence for commitments, production sharing agreements, capital BTG’s acquisition of a 50% diligence in connection with CEPSA/SRG in their $2.2bn projects and tax are key areas of focus. stake in Petrobras’ African its acquisition by Silverfleet acquisition of Coastal assets Midstream/Downstream Oil & Gas Capital Energy plc
We have acted on a number of transactions involving refineries and downstream distribution and supply businesses in the UK and Europe in recent years. Often these have involved complex carve out issues which have been key areas of focus. Desire Petroleum Vitol & Helios Foster /Falkland Oil & Wheeler/AMEC Financial, tax and Gas operational due diligence Financial, tax and Financial & tax due plus sale and purchase commercial due diligence in diligence in relation to the agreement advice in connection with the $3.3bn proposed combination of connection with the bid for Foster Wheeler by Desire Petroleum plc & acquisition of Shell African AMEC Falkland Oil & Gas plc downstream assets
5 UK deals practice
Alan Barr Jon Shelley Adam Maitland Director, UK Director, UK Assistant Director, UK
Alan is a Director leading our TS team in Jon leads the UK Corporate Finance Oil & Adam is an Assistant Director in PwC’s Aberdeen with a specific focus on Oil & Gas team, focusing on transactions in the Oil Corporate Finance team and is responsible Gas. He has specialised in Transaction & Gas and energy sector. He has extensive for managing energy related transactions Services since 1998 and has extensive experience of leading a broad range of Oil & from inception to completion. He joined experience of buy and sell-side work from Gas and energy related transactions both in the firm having gained significant Oil & both corporate and private equity clients. the UK and overseas. Gas experience in Corporate Finance, Selected deals include: Selected deals include: leveraged Finance, and latterly Corporate Development with a leading private equity • Sale of OEG by Morcell to KKR; • Sale of PD&MS Energy to Inflexion Private backed oilfield services firm. • Acquisition of Booth Welsh by Clough Equity; Selected deals include: Engineering; • Sale of Neftex, the leading global • Disposal of operating division by large geoscience consultancy, to Halliburton; • Sale of PD&MS Energy to Inflexion oilfield services business; • Investment in Express Engineering by Private Equity; • Investment in Scopus by Growth LDC Private Equity; • Acquisition of Mudlogging Systems Inc Equity Partners; • Acquisition of Senergy by Lloyds register; by Reservoir Group; • Acquisition of Hydrasun by • Acquisition of Seajacks International by • Acquisition of Geosearch Logging Inc Investcorp; Marubeni and INC Japan; by Reservoir Group; • Worked for underbidders in relation to • Sale of Responsive Engineering to Reece • Acquisition of The Mudlogging acquisitions of Aibel and Bergen Group; Company by Reservoir Group; Rosenberg; • Sale of Marine Resource Offshore • Multiple Well Intervention • Refinancing of Reservoir Group and Personnel to Atlas Services Group; acquisitions for Reservoir Group as part of a strategy to build out new numerous buy-side roles for deals in • Acquisition of Asco Oilfield Logistics by service offering; USA, Canada, South America, Europe Doughty Hanson Private Equity; and Australia; • Refinancing of Reservoir Group; • Sale of BP South West Pacific to Pacific • Various acquisitions for Asco in the Petroleum Company; • Proserv refinancing; UK, Norway, Australia and Azerbaijan; • Sale of Cosalt Offshore to NBGI Private • RBG refinancing; • $955m acquisition of Production Equity; • ICR Integrity financing; Services Network by John Wood • Sale of Anson Oilfield Equipment to • Sale of Sermiax to Vallourec; Group; National Oilwell Varco Inc; • Sale of Cyclotech to MI-SWACO • Acquisition of ATR Group by NBGI • £76m sale of CTC Marine Projects Limited (Schlumberger); Private Equity; to DeepOcean ASA Norway; • Sale of Horizon Energy Partners to • Acquisition of Total UK downstream • £70m IBO of Bywell Holdings (SMD) SGS. operators by Rontec and back to back Limited to Inflexion Private Equity; disposals of certain assets to other acquirers. • £453m IPO of Eaga plc and Acquisition of Heat Energy & Associated Technology.
Alan Barr Jon Shelley Adam Maitland
Transaction Services Corporate Finance Corporate Finance
+44 122 425 3181 +44 122 425 3194 +44 1224 253 345 [email protected] [email protected] [email protected]
Oilfield Services OEG MDM Hydrasun Our OFS teams look at around 20 transactions each year in Engineering the industry and have extensive experience of working on Vendor financial and tax Financial and tax due both buy and sell-side for corporate and private equity due diligence in connection diligence plus tax Financial and tax due acquirers in the UK and internationally. Understanding with the sale of this oilfield structuring services in diligence in connection with earnings growth and underlying trends and the viability of services business to KKR connection with the acquisition of MDM the business plan are key areas of focus. Investcorp’s acquisition of Engineering by Foster Hydrasun Corporate Finance Wheeler
We have led a number of sales processes in the upstream and OFS sectors in recent years, managing the process for stakeholders through the identification, cultivation, negotiation and deal execution phases of the transaction. Neftex Express PD&MS
Lead corporate finance Engineering In addition we have advised a number of international Lead corporate finance acquirers through UK acquisitions. support in connection with support in connection with the sale of Neftex Petroleum Corporate finance support in connection with the sale the sale of PD&MS Energy Consultants to Halliburton. to Inflexion Private Equity. Neftex provides integrated of a Newcastle based precision engineering PD&MS provides geoscience data content, brownfield design and software and consultancy to contract manufacturer to the Oil & Gas industry to engineering services to the global exploration Oil & Gas industry globally companies LDC private equity
6 UK deals practice
Thomas Romberg Alan McCrae Partner, UK Partner, UK
Thomas leads the Energy, Utilities and Alan is the head of UK Tax for Energy, Mining valuations team in London. Thomas Utilities and Mining in the UK, Europe has more than 15 years experience in and Africa. He has 26 years experience in providing energy sector focused valuation advising Oil & Gas companies on UK and advice for financial reporting, M&A, international tax and is a member of the disputes, expert opinions and corporate UK Oil Industry Tax Committee. restructurings. Alan has extensive experience of advising Selected deals include: on corporate and asset transactions in • Valuation advice to the Independent international upstream, UK North Sea, Non-Executive Directors of downstream and commodity traders. KazMunaiGaz on the proposed offer to He has also advised major Oil & Gas acquire KazMunaiGaz EP. groups and independent producers on the • Valuation of a major Russian Oil & Gas integration of their cross border and development asset for a financial regional tax planning with their overall investor, in preparation for the group tax strategy. subsequent $1bn+ sale to a trade buyer; Selected deals include: • Fair value exercise for PTTEP following • Structuring of Transocean’s MLP, sale its acquisition of Cove Energy; of ADTI division and aborted UK IPO; • Valuation on behalf of the Falkland • Structuring of Genel’s IPO and Islands Government of the licenses subsequent acquisitions in Kurdistan disposed of by Rockhopper Plc as part of and international farm ins; its farm-out agreement with Premier Oil • Structuring and tax diligence of for tax purposes. Ophir’s 2014 acquisitions in South East Asia; • Structuring and tax diligence of PTTEP’s acquisition of Cove Energy.
Thomas Romberg Alan McCrae
Valuations Tax
+44 207 804 0860 +44 207 213 4004 [email protected] [email protected]
Valuations Russian PTTEP/Cove KazMunaiGas We have led a series of valuation projects in both the Energy upstream and oilfield services sectors, assisting in the M&A exploration & Provided valuation advice to process, both pre-deal for value advice and EPS analysis and the Independent Directors development Oil Provided financial and tax post-deal for financial reporting purposes. of KazMunaiGaz on the & Gas assets due diligence, and post-deal proposed offer to acquire valuation advice (PPA) to We have also supported major businesses in the valuation of KazMunaiGaz EP upstream assets through the development and production Valuation of a Russian PTTEP on its acquisition of stages. We have valued other intangible assets and goodwill exploration & development Cove Energy for a range of oilfield services companies and we have stage Oil & Gas asset provided value defence advice in disputes and takeover situations.
Tax Transocean Genel Apache
Whether it’s a stock or an asset transaction, understanding Structuring of Transocean’s Structuring of Genel’s IPO We provided tax support in the tax implications of the proposed deal and determining MLP, sale of ADTI division and subsequent acquisitions connection with the the optimal tax structure are critical to creating deal value. and aborted UK IPO in Kurdistan and acquisition of the Forties We have extensive experience of the provision of tax international farm ins field from BP support across all the Oil & Gas subsectors.
7 UK deals practice
Richard Spilsbury Clifford Tompsett Partner, UK Partner, UK
Richard heads our UK Capital Markets Clifford leads PwC’s Global IPO Centre based practice for Oil & Gas, specialising in in London which advises overseas companies, public offerings, restructurings and particularly with operations in the emerging mergers and acquisitions. He has worked markets, on capital market transactions on the in many parts of the world, including the main global stock exchanges. Middle East, Russia, Kazakhstan, the US, Clifford has many years of experience of Australia and Western Europe. working on capital market transactions and Richard has wide industry experience has led the Reporting Accountant work on including the Oil & Gas market, mining, many large IPOs of both UK and overseas and energy trading and generation. companies, in recent years with focus on Richard is also the audit partner for CNR, energy and mining sectors. Technip, Suncor, Sparrows, Centamin and Selected deals include: Energy Assets plc in the UK. • £1.35 bn IPO of Vallares plc and Selected deals include: subsequent $2.1bn acquisition of Genel • IPOs of Energy Assets, Trinity, Zoltav, Energy; African Barrick Gold, Exillon, and • $1 billion IPO of Vallar plc (later Bumi plc) ENRC; and subsequent $3.3bn acquisition of coal • Sale of Well Services division of Wood mining assets in Indonesia and move up to Group to GE and subsequent return of the premium segment of the LSE; capital to shareholders; • $1.45 billion IPO of Justice Holdings plc; • Acquisition of Foster Wheeler and • IPO of RusPetro plc, a Russian FTSE 250 Reporting Accountant for Amec; oil company; • Abbot’s fund raisings and acquisition of Songa Drilling; • IPO of Exillon Energy plc, a Russian FTSE • Acquisition of Bayfield by Trinity and 250 oil company in December 2009; the readmission to AIM of the new • $3.1bn IPO of ENRC, a Kazakh FTSE 100 Group; miner. • Restructuring, capital raise and relisting of Frontera Resources; • Restructuring of and flotation of Drax Group and British Energy Group.
Richard Spilsbury Clifford Tompsett
Capital Markets Group Capital Markets Group
+44 122 425 3214 +44 207 804 4703 [email protected] [email protected]
IPOs Seplat Zoltav Vallares We have acted as reporting accountants on a number of Oil & Gas IPOs, M&A and restructuring transactions. Reporting accountant Reporting accountant and Reporting accountant services in connection with due diligence services in the services in connection with Capital Markets Standard IPO on the official acquisition of Zoltav and the Standard IPO on the official list of the London Stock readmission to AIM of the list of the London Stock We advise companies raising debt or equity capital in the Exchange and the Nigerian new Group Exchange capital markets and offer tailored advice to a broad range of Stock Exchange businesses from smaller, entrepreneurial companies to sophisticated national or multinational companies that regularly use the international capital markets. We also advise on equity transactions and cover all stages of the process, from preparing for life as a public company, selecting the right capital market and establishing the right Lamprell Trinity Wood Group team of advisers, to advising on regulatory issues. This includes compliance with the listing and prospectus rules. Reporting accountant on: Reporting accountant and Reporting accountant and We also help companies convert to or from IFRS, UK GAAP due diligence services in the • Rights issue and Class 1 structuring services in or US GAAP, establish the right project management acquisition of Bayfield and acquisition for £225 connection with return of structure, and anticipate the potential pitfalls companies the readmission to AIM of million (2011); cash to shareholders face in preparing for the public capital markets. the new Group following sale of Well • Move up to the Official Services division to GE Oil List of the LSE (2008); • £230m IPO on AIM (2006) 8 UK deals practice
Michael Hurley Rob Turner Dave Healy Partner, UK Director, UK Associate Director, UK
Michael is the Global Advisory Leader for Rob is a Director within PwC’s Oil & Gas Dave joined PwC in 2014 after more than Oil & Gas and the Global Advisory Leader Advisory team and brings experience in 20 years working in the oil industry. This for LNG. He has over 25 years analysing strategies and risks related to oil included a role as the Commercial and international experience working with markets and investments, including deep Strategy manager of a significant operated energy and service companies and experience in analysis of refining and UK oilfield for a major international oil governments as a financial advisor, marketing opportunities. He understands company. In this role he chaired the JVs, regulator and within international the dynamics driving financial performance. resolving numerous JOA and commercial operations. Rob led commercial advice on a large disputes and acting as the main JV liaison Michael focuses exclusively on the energy number of market entry reviews, valuations, with DECC, whilst building an extensive sector and has advised companies right divestment and acquisition processes in commercial network in the North Sea. He across the Oil & Gas value chain. During global markets. also negotiated one of the largest rig- sharing deals in the North Sea, covering six his time as a professional advisor he Selected deals include: carried out work for clients active in companies and three fields for ten years. • Supported lending banks to Petroplus upstream, midstream and refining and also Dave spent a number of years working for prior to Administration, and the Coryton supported commercial review and deal a smaller independent company, Administration in the UK; activity in the wholesale and retail markets. responsible for all financial analysis in the • Buy-side support on a range of Selected deals include: North Sea and the rest of the world outside European refinery sales processes; North America, building a deep • Valuation of North Sea production • Buy-side support for a major portfolio of understanding of taxation and commercial companies for acquisition screening; African storage, distribution and retail issues in a wide range of PSA, PSC and • Divestment strategy of a $500M global assets; T&R regimes. downstream marketing company; • Buy-side advice on a number of oil field Selected deals include: • Lead advisor for the sale of a North Sea service deals with focus on the North • Advising lenders of an international pipeline; Sea; upstream company in receivership • Commercial and financial advisor to a • Buy- and sell-side advice for a number including technical and commercial number of entities building LNG of UK-based exploration and production support to a proposed asset sale import facilities in various companies; • Lender-side support during the geographies; • Buy-side support for an infrastructure financial restructuring of a London • Advised a major European energy fund seeking entry into European ports, listed E&P company company on a North Sea acquisition; storage and distribution; • Lead advisor to a JV developing a LNG • Commercial diligence of a European gas export project , including feasibility oilfield service company. study, partner selection and commercial structuring.
Michael Hurley Rob Turner Dave Healy
Strategy Group Strategy Group Strategy Group
+44 207 804 4465 +44 207 804 5272 +44 7711 562362 [email protected] [email protected] [email protected]
Strategy Petroplus / GdF National oil We provide pre-deal advice on growth strategy and exit Coryton company options. We also provide post-deal support connected with Carried out pre-deal competitive strategy and market/product entry strategy to screening of gas Created commercial Advised an oil company on address issues that may have arisen in the due diligence. opportunities for an entry structure to operate and its decision to bid for into the upstream gas create value for the offshore and onshore Oil & market creditors during Gas assets in Africa
administration, and delivered sale of an asset (>$400m)
Essar Energy National oil European company integrated oil Assessed commercial and
financial viability of 3 company Carried out due diligence to European refineries test commercial (financial and commercial Advised on the valuation of attractiveness of a multi- due diligence) North Sea production refinery and downstream companies for acquisition wholesale/retail business in screening Europe
9 UK deals practice
Matt Alabaster Tim Longstaff Mark Hanrahan Partner, UK Director, UK Director, UK
Matt leads the Energy, Utilities and Tim is a Director in our Deals Strategy Mark leads our strategy and commercial Infrastructure team within Deals Strategy. practice, specialising in leading Strategy and due diligence work in the oilfield services Commercial Due Diligence assignments. He and chemicals sectors and Industrial From 2010-2014 Matt lead the Deals has worked on a diverse range of Products. He has extensive experience of Strategy team in the Middle East, based in transactions, with key clients including working buy-side and sell-side, and Abu Dhabi. During this time he worked Clarke Energy, Rolls-Royce, IMC Mentor, assisting companies through refinancing. with many inbound and outbound Neftex, Shell. investors on acquisitions, capital raising He has 14 years consulting experience of and growth strategy in the energy sector. Before joining PwC in 2011 Tim spent nine which the last 8 years have been PwC. Prior years at WS Atkins plc. During this time he to PwC, Mark was at Roland Berger Matt started his career at a boutique was the Managing Director of Atkins’ Power Strategy Consultants and prior to that he strategy consultancy specialising in division, and then spent five years as trained as an engineer. providing Commercial Due Diligence to Director of Corporate Strategy. UK based private equity investors. He Selected deals include: then joined PwC’s Deals Strategy team in At Atkins Tim assisted with the • Commercial Due Diligence on ASCO, a 2001, and spent a year on secondment to reorganisation and refocus of WS Atkins, logistics provider to the offshore oil & Rolls Royce plc in 2009. buying and selling business units, gas industry; developing markets in the Middle East, Selected deals include: China, US, Scandinavia and energy sectors, • Commercial review of Midland • Feasibility study and business plan for and supporting the strategic growth of Precision and Hyspec Engineering, an oil storage facility in Fujeirah, devolved businesses, centred on suppliers of precision engineered UAE; Infrastructure Consultancy. A particular components to the Oil & Gas sector; • Strategic review as part of a focus was the energy business, where Tim • Strategic options review for SLP refinancing of a fuel bunkering and was responsible for screening the offshore Engineering, a provider of turnkey trading company in the Gulf; engineering sector in the UK and Houston solutions to the UK offshore Oil & Gas and the Strategic due diligence of two industry (MFPs); • Strategic review as part of a targets. refinancing of a major Gulf-based Oil • Business plan review/strategy & Gas EPC; development for Alderley, a supplier of flow measurement and testing systems • Market entry strategy for a to the Oil & Gas industry. multinational considering integrated security solutions for the Oil & Gas sector.
Matt Alabaster Tim Longstaff Mark Hanrahan
Strategy Group Strategy Group Strategy Group
+44 7866 727 124 +44 207 804 3611 T: +44 (0) 207 804 0125 [email protected] [email protected] [email protected] om
Commercial Due Diligence Vopak (Sweden) European North sea We can support you in undertaking buy-side or vendor commercial due diligence in a variety of transaction refiner exploration Commercial due diligence scenarios including sale processes, acquisitions, and business on Vopak Sweden for a Evaluated business case for refinancing of both equity and debt. Our independent trade buyer. Oil, gas and applying a risk policy and approach ensures we identify upside potential and risks. Advised on post acquisition chemicals storage terminals managing market price medium to long term were located across Sweden risks through hedging for growth strategy for a North in Gothenburg, Malmo, European refiner. Sea explorations business. Gavle, and Sodertalje.
Storage assets Petroleum Integrated O&G transportation & company Buy-side commercial due infrastructure diligence on oil, gas & Advised on acquisition of a
chemicals storage assets in series of shale gas assets in Advised an international North America for an the US for a vertically petroleum transportation international infrastructure integrated European O&G and infrastructure company fund. company. on its purchase of four oil storage terminals in Denmark. 10 UK deals practice
Viren Doshi Andrew Clark Partner, UK Partner, UK
Viren has over 30 years of industry Andrew has worked extensively in the Oil experience in the Oil & Gas and energy & Gas industry, for a range of clients sectors. Key areas of expertise include including IOCs, NOCs, host governments, managing supply and trading in volatile OFS companies and in many geographies – markets, designing innovative business Europe, US, Middle East and Asia. Andrew models, and implementing pioneering is a specialist in strategy based, near-term strategic transformations and mergers. performance improvement, covering issues He has been involved in developing bold such as cost, performance, operating strategies and in shaping agendas at senior model, and human capital management. levels for Oil & Gas groups across several Andrew is well versed in the challenges regions (Europe, the US, India, China, faced by both small independent and large Brazil, Russia, Africa and Australia) and global E&P companies as they seek to find, across various parts of the value chain and develop and produce hydrocarbons. businesses (Oil & Gas, E&P, Refining, Selected deals include: Petrochemicals, LNG, Retail, Aviation, • Led creation of new energy company Bitumen, Shipping, etc.) and developed growth strategy across Selected deals include: specific segments of value chain of • Led commercial due diligence for global integrated oil major; Private Equity player targeting Middle • Key member of large team executing Eastern oil services provider; divestment of chemical assets of a • Led post merger integration of a major integrated Oil & Gas player; European offshore helicopter services • Led management capability due provider to identify synergies and diligence of an international pipeline design detailed road map to deliver services company. synergies; • Designed and launched new operating model for EPC division of a major Asian petrochemicals company.
Viren Doshi Andrew Clark
Strategy& Strategy&
+44 7900 163 572 +44 7900 163 418 [email protected] [email protected]
Strategy development European Private equity Asian We help clients define and execute corporate and business unit strategies. Our teams help clients consider future oilfield services fund petrochemicals market scenarios, evaluate alternative strategic visions and company company Commercial due diligence choices, and execute selected strategies. for global Private Equity Post merger integration of Designed and launched new player targeting a Middle Organizational design European offshore operating model for EPC Eastern oil services helicopter services provider division We work with clients to build organizations capable of provider achieving their strategic objectives. Our teams help clients align all elements of the organization, including decision rights, information flows, performance management systems, and structure. In addition we assist clients in developing human capital strategies that promote required Integrated oil International Major integrated organizational capabilities. major pipeline services Oil & Gas
Operations readiness company company Creation of new energy
company and developed We assist clients in achieving maximum effectiveness in Provision of management Execution of a divestment of growth strategy across day-to-day business operations, while tackling maturity capability due diligence chemical assets specific segments of its onset or new project expansions. value chain
11 UK deals practice
Andrew Broad Brian Campbell Partner, UK Director, UK
Andrew leads the “Delivering Deal Value” Brian is a qualified Quantity Surveyor and EUMI team. He has over 15 years RICS chartered Project Manager. His experience in carve out/separations and varied background has allowed him to non-manpower fixed cost reduction, as well develop a strong understanding of as synergy identification and due diligence managing multiple objectives in a major related reviews. capital project environment, with Selected deals include: challenging stakeholders and high degrees • Led the cost review work across all the of complexity. 22 Innovene assets sold by BP to Brian has been accountable, on behalf of INEOS for $9bn; the client, for delivering large programmes • Led the PwC team who provided vendor on time and budget. He continues to assistance to a large UK based energy represent client organizations in cost Company on its £5.8bn disposal of its control and planning, value management networks business. After signing the and engineering and programme delivery. deal Andrew assisted the Company in Summary of experience: planning for the completion which • Sector experience has mainly focused involved supporting the management on energy & manufacturing projects in team to embed the transitional service the UK and internationally; arrangements to minimise disruption • Specialises in areas such as Integrated on day one; Programme/Project Management, • Andrew led the cost review undertaken Risk Management, Project Controls, at a North American petrochemical site Project Reviews, Capital & Revenue for a major international oil company, Cost Management; reporting to the site Managing Director. • Advises major clients in managing capital projects efficiently and effectively through the whole life cycle; • Designed and implemented global reporting processes and data collection systems for major clients in the UK and internationally in relation to their capital programmes; • Works closely with clients to identify gaps in performance and recommend solutions.
Andrew Broad Brian Campbell
Delivering Deal Value Capital Projects
+ 44 207 21 2 3923 +44 (0) 7730 068732 [email protected] [email protected]
Delivering Deal Value Ineos Major Independent Oil We have acted on a number of transactions focusing on both international oil & Gas company buy-side and sell-side Operational Due Diligence across Review across all 22 upstream and downstream businesses in the UK and Innovene assets sold by BP company Capital efficiency review for Europe. We have led some large and complex transactions, to Ineos upstream assets in the managing the process for stakeholders through the Review undertaken a North Sea negotiation and deal execution phase of the transaction. petrochemical site in North
America We also provide support with post-deal services around carve-outs, post-merger implementation and FasTrack – with focus on getting rapid and sustainable results.
Capital Projects Integrated Oil & Oilfield service Integrated Oil & We support companies across the Oil & Gas spectrum in Gas major provider Gas major project reviews, due diligence, project controls, programme management and risk and cost management. Reviewing of capital value Developed suitable project Provided support in process that is used for controls procedures for redefining working approving major projects managing all capital and practices for asset through a gateway operational projects management procedure
12 UK deals practice
Mark Crofskey Alistair Hogarth Keith Bottomley Partner, UK Partner, UK Senior Solicitor, UK
Mark leads PwC Legal’s M&A practice Alistair is a partner in the firm’s Corporate Keith is a senior solicitor in the firm’s and has significant experience advising practice and his areas of expertise include Corporate practice and leads PwC Legal’s on domestic and international M&A (i) buy-side and sell-side legal due Oil & Gas practice. transactions in the Oil & Gas sector. diligence projects, (ii) private company acquisition and disposal work, (iii) Keith’s areas of expertise include (i) Legal directories describe Mark as corporate structuring work, and (iv) English corporate law with a focus on having ‘a very healthy no-nonsense advising management teams in Private private company mergers and acquisitions, approach’ and an ability to ‘focus on Equity transactions. Alistair has a broad private equity, joint ventures, buy-side and what really matters’. range of industry expertise including sell-side legal due diligence and corporate restructuring projects, and (ii) Oil & Gas Selected deals include: commodities trading, mining, Oil & Gas, energy and water. law. • Advised Chevron Texaco in London and Selected deals include: in Russia on its proposed purchase of a Selected deals include: stake in Yukos; • Advised KazMunaiGas E&P on the • Advised on and project managed the • Advised Vitol in relation to a acquisition of three Oil & Gas assets in intra-group restructuring of a $16bn transaction seeing Vitol dispose of the Kazakhstan for $65m; producing JV asset in Azerbaijan for an IOC client, including the transfer of bulk of its Kazakhstan-based Oil & Gas • Advised a major international group assets to Korean National Oil PSA rights and the re-negotiation of on the acquisition of an Oil & Gas PSA terms; Corporation, on the acquisition of a support business in Kazakstan; Mediterranean oil tanker business, on a • Carried out legal due diligence in • Advised on an owner instructed due bid for a Northern Italian refinery, and respect of the proposed £1bn diligence review of UKCS Gazprom on its acquisition of the Europoint acquisition of a UK oil refinery assets and related PSA arrangements; Terminal in Amsterdam; business out of administration; • Acted for the founder shareholders of • Advised Altius Holdings Inc. in • Advised an IOC on the negotiation and two industrial cleaning businesses (in connection with its local listing and an preparation of various Subsoil Use the Oil & Gas and industrial sectors) innovative on-market trade of the entire License Agreements, Production on the data room set-up and disposal issued share capital of Altius Holdings Sharing Agreements and Pipeline of the businesses to a major UK PLC; Inc.; Transportation Agreements in Russia and • Advised the shareholders on the sale of and Kazakhstan; and • Advised an international group on the Russneft to the Basic Element group; • Advised the EBRD and carried out due proposed acquisition of the Coryton and diligence on OAO AK Oil Refinery from its administrators, • Advised TB Capital (part of the Nafta Transnefteproduct (TNP) (the owner including full legal due diligence of its and operator of the Russian Oil & Gas Moskva Group) on its sale of Teboil assets and liabilities. (Finnish oil company) to Lukoil. pipeline system) in respect of a $75m five year term loan to finance the
modernisation of TNP's network.
Mark Crofskey Alistair Hogarth Keith Bottomley
PwC Legal LLP PwC Legal LLP PwC Legal LLP
+44 20 7804 3316 + 44 20 7212 1921 +44 20 7212 6048 [email protected] [email protected] [email protected]
PwC Legal Independent Oil Vitol Major PwC Legal is a member of the global PwC Legal services & Gas company international network comprised of more than 2,400 lawyers in over 85 Legal advice on Vitol’s countries across Europe, the CIS, the Middle East, Mexico, disposal of Kazakhstan group Legal advice on the Central and Eastern Europe, Central and South America, based O&G assets to Korean acquisition of US assets in Africa, Australia and Asia. National Oil Corporation, Legal due diligence in West Texas and acquisitions of a respect of the proposed PwC Legal’s UK Oil & Gas Group is made up of specialist Mediterranean tanker acquisition of the Coryton lawyers from across a range of legal disciplines. The group business and the Europoint refinery from its is led by Mark Crofskey, Alistair Hogarth and Keith Terminal administrators Bottomley, all of whom have had extensive experience advising market participants in the sector and who regularly advise clients on: • Share and asset acquisitions and disposals and quoted KazMunaiGaz Alfa Group/L1 Russneft company transactions (both buy -side and sell-side); Energy • Subsoil licences, concessions and PSAs; Legal advice on the Legal advice to the
• Joint venture and JOAs; acquisition of three Oil & shareholders on the sale of Legal advice on the set up of • Drilling and offshore service contracts; Gas assets in Kazakhstan Russneft to the Basic an LLP structure for their • Gas and crude sales contracts; Element group Energy (Oil and Gas) and • Pipeline construction and transportation; Telecoms divisions • Offtake arrangements; • Farm in/farm out arrangements and exchanges; and • Legal due diligence (including buy-side and vendor due diligence). 13 Middle East deals practice
Maarten Wolfs Richard Rollinshaw Paul Navratil Partner, UAE Partner, UAE Partner, UAE
Maarten leads the Infrastructure and Richard is the Due Diligence and Private Paul leads our Middle East energy practice, Project Finance team in the UAE and has 20 Equity leader for PwC in the Middle East. with over 20 years experience in providing years of international experience advising Prior to joining our Middle East team in advisory services to the energy industry. public and private sector clients on 2008, Richard was based in London for Supporting large scale M&A, Paul has led procurement, investment and restructuring eight years where he led teams on large several projects focused on planning and ‘mega’ projects in multiple infrastructure cross-border transactions for both executing merger integration programmes sectors, delivering over $ 17 billion worth of corporate and private equity clients. to support large oil sector transactions, energy and infrastructure projects through Since relocating to the Middle East in focusing on the identification and BOTs, PPPs and Project Financings. 2008, Richard has gained substantial realisation of synergy benefits, as well as Maarten is also the Deals Energy, Utilities experience advising on energy transactions developing integration alternatives and and Mining Industry Leader for the Middle working with many leading corporates and future state visions of integrated East and North Africa. financial investors. operations. His clients in the Middle East have included Selected deals include: Paul has worked closely with Middle Emirates Nuclear Energy Company, • Three due diligence assignments on Eastern NOC CEOs to develop the Mubadala, Abu Dhabi National Energy North Sea Oil & Gas exploration and leadership skills of both the current and Company (TAQA), Partnerships Technical production companies, ranging in size future generations of management. Bureau (Kuwait), Ithmaar Development from $300m - $1.5bn, for a UAE Selected deals include: Company (Bahrain), Oman Power and strategic investor; • Provided expert support on merger Water Procurement Copany, Roads & • Due diligence and Sale & Purchase integration issues in the wholesale and Transport Authority in Dubai and Qatar trading segments of a refining and General Electricity & Water Company. Agreement advisory work on non- working interests in three Egyptian marketing oil company; Selected deals include: oilfields, supporting an acquisition by • Led a project to determine corporate • $1.4 billion project financing of the a strategic international investor; systems post merger integration UAE’s first bio fuels refinery in • Due diligence on exploration assets in scenarios for two downstream oil Fujairah, on behalf of Petrixo; Libya, including consideration of carve companies; • $160 million project financing for a out of certain other Oil & Gas interests • Led a project to review the crude oil crude and refined products tank storage and activities in Alberta Canada and purchasing and trading function for a project in Fujairah for BPGIC and France; major national oil company; Emirates Investments; • Due diligence on a gas-fuelled power • Led a project for an integrated • $800m project financing for the Middle station and water desalination facility downstream oil company aimed at East’s first Waste Management and in the Middle East for an Abu Dhabi- identifying and understanding the root Waste to Energy PPP for Partnerships based investor; causes of a major supply chain Technical Bureau – Kuwait. • Advisory services in connection with disruption resulting in severe refined an investment into a portfolio of product shortages. alternative energy generation assets in the USA by a Middle East client.
Maarten Wolfs Richard Rollinshaw Paul Navratil
Capital Projects & Infrastructure Transaction Services Strategy
+971 4 304 3100 +971 4 304 3050 +971 2 694 6800 [email protected] [email protected] [email protected]
Upstream Oil & Gas Abraaj Capital Mitsui E&P TAQA We have advised on a large number of transactions in the upstream sector, both acquisitions of interests throughout Financial and tax due Financial and tax due Financial and tax due the MENA region as well as international deals. diligence in relation to a diligence, and sale and diligence services in Understanding historical financing sources, production convertible loan of up to purchase agreement advice connection with a sharing agreements, development leases, future USD150m provided to in connection with three Norwegian listed upstream commitments, capital expenditure plans, GAAP differences Kuwait Energy Company upstream Oil & Gas Oil & Gas business in the and taxation are often key areas of focus. concessions in Egypt North Sea
Midstream/Downstream Oil & Gas
We have provided transaction services on a number of deals involving oil refineries and downstream distribution and supply businesses in the MENA region. These transactions GulfCap Dragon Oil Petrixo have often involved understanding the impact of specific country regulations on pricing and margins. Financial, tax and IT due Financial and tax due USD 1.4 billion project diligence of an Egyptian diligence in relation to financing for the UAE’s first multi-discipline oilfield upstream Oil & Gas assets bio-fuel refinery to be solutions provider in Libya, France and located in Fujairah Canada
14 Middle East deals practice
Gavin Steel Ross Pettitt Courtenay Smith Partner, UAE Director, UAE Director, UAE
Gavin is a partner in our Middle East Ross is a Director in our Deals practice, Courtenay is a Director in PwC’s Forensic Capital Markets and Accounting Advisory and has over 18 years professional services Services Practice, leading our Corporate Services practice. experience, including 14 years providing Intelligence for the MENA region. He has considerable experience in the Oil & transaction advisory services to clients, He is a former Australian diplomat, focusing Gas industry. Prior to moving to the UAE, primarily in Southern Africa and, since on political and security issues across the Gavin was based in the Netherlands and was 2007, in the Middle East. Middle East. He joined the private sector in the Director responsible for the global audit He specialises in buy and sell-side due 2009 and has specialised in providing of Shell’s exploration and production, gas diligence, working on transactions for large integrity due diligence and strategic risk and power and reserve activities at group corporates, private equity and sovereign advice to Oil & Gas clients planning entry in level. wealth funds. He is also a key member of to new and emerging markets. Following his move to the Middle East, the Middle Eastern team responsible for Selected deals include: the provision of Sale and Purchase Gavin has continued his involvement with • Undertook comprehensive integrity and Agreement services. Shell. His other clients have included Total, reputational due diligence on a the JV Japanese National Oil Company, Repsol, Ross has substantial experience of advising partner for a major oil company entering Dolphin Limited and The Abu Dhabi on energy deals, particularly in the an emerging market following the lifting National Oil Company. upstream and oilfield services sectors. of sanctions; Selected deals include: Selected deals include: • Delivered political and security risk • Advised on the conversion to IFRS of a • $150m convertible loan investment services to a global Oil & Gas company major multinational oil company based provided by Abraaj Capital Limited to entering the Middle Eastern market for in Norway where he was responsible for Kuwait Energy Company; the first time; the assessment of exploration and • Acquisition by Mitsui E&P Middle East • Provided strategic advice on corruption, production, revenue recognition and of interests in certain oil & gas regional stability and human rights issues fixed asset accounting policies and their concessions in Egypt and Oman; to an oil firm considering entry into a new conversion from US GAAP to IFRS; • Buy-side due diligence on upstream market; • Assisted clients as they assess the Libyan assets, including consideration • Undertook Security Risk Assessments accounting implications of transactions of carve out of Oil & Gas interests in and security audits of multiple sites for a including purchase price allocation Alberta Canada and France; national gas company operating in advisory services, GAAP accounting • Buy-side due diligence in connection sensitive locations; integration and exit strategy support; with the joint acquisition by a Middle • Reviewed international third parties of a • Advised on a number of oil support East natural gas company and a global engineering services business, service companies including oil European listed Oil & Gas group, of an identifying significant risks and exposure tankering, exploration and major Egyptian upstream concession; to potential corrupt activity; construction companies. • $175m acquisition by a MENA PE, and • Provided advice to a client with combination with a European oilfield investments in a major gas project linked services provider, including a to significant corrupt activities by other subsequent bolt-on acquisition. owners and government officials.
Gavin Steel Ross Pettitt Courtenay Smith
Capital Markets and Accounting Transaction Services Corporate Intelligence and Advisory Services Forensic Services
+971 4 304 3308 +971 4 304 3434 +971 4 304 3985 [email protected] [email protected] [email protected]
Oilfield Services Mubadala Oman Oil Middle East SWF We have advised on a significant number of transactions in the oilfield services sector both on the buy-side and sell-side Financial due diligence of Financial, legal and tax due Integrated group wide for private equity and corporate investors in the MENA an Oil & Gas exploration diligence and valuation in financing strategy to assist region and internationally. Understanding the key drivers of and production company in relation to the proposed in moving from a revenue and earnings growth, underlying historic trends, Pakistan acquisition of a UAE government funded to a the viability of business plans and sustainability of projected lubricants and additives debt funded business model earnings are often key areas of focus. manufacturer in response to fall in oil prices - investment Corporate Finance ambitions of $20bn-$30bn
We have led sales processes in the oilfield services sector in the MENA region, managing the entire process through preparation for sale, identification of financial and strategic Sakson Petroleum QFIB Oil Refinery investors, negotiation, drafting of shareholder and sale and purchase agreements, and final execution of the Lead corporate finance Financial and tax due Valuation for a private transaction. advisor to the vendor in diligence of an independent equity company to assist respect of a capital raising in Kuwaiti upstream group with its finance raising and Sakson Petroleum Services focusing in the MENA and bid formulation in relation Holding by EuroMena Oil Eurasian regions to the proposed acquisition Holding of a Middle Eastern oil refinery
15 Middle East deals practice
Georges Chehade George Sarraf David Branson Partner, Lebanon Partner, UAE Executive Advisor, UAE
Georges is the office-in-charge of Strategy& George has more than 17 years of David is an executive advisor with Strategy& in the Middle East, and is the leader of their consulting experience focusing on Oil & based in Dubai. He has over 25 years of energy, chemicals and utilities practice in Gas and the power and utilities sector experience in upstream Oil & Gas operations the region. across the value chain. and management, and 3 years experience in He has over 16 years experience in His functional experience includes sector consulting on upstream projects. consulting with extensive strategy and and business strategy, regulatory He specialises in strategy development and transformation experience in the framework, business cases, due diligence, execution, E&P operating model design, downstream (retail, marketing, distribution operating models, operations, and systems. development of detailed E&P processes, and refining) Oil & Gas sector. Selected projects include: business development and due diligence. He has also conducted several strategic and • Co-led the commercial due diligence He previously worked with Shell for 17 years financial due diligences for corporate and for a potential acquisition by a global in exploration, asset management and financial investors in the upstream, Private Equity firm of an oil field business planning, and with Wintershall for 9 midstream and downstream sectors. service company operating in the years in exploration and new business Selected projects include: Middle East; management. • Strategic due diligence for a private • Led the jet fuel pricing formula for an Selected projects include: equity fund for the purchase of an aviation fuel distributor, including cost • Commercial due diligence of a Middle upstream energy services company; and margin analysis across the value Eastern oilfield services company; • Strategic and financial due diligence for chain, benchmarking and new formula • Implementation of the Kuwait a large industrial group to purchase a design; International Petroleum Research Center; terminal automation and gauges • Supported price reviews for a large • Development of an Integrated National manufacturer for Oil & Gas pipes and LNG producer in selected target Energy Strategy for Iraq; terminals, and LNG; markets, including end-user market • Development of a growth strategy for an • Strategic due diligence in the field of analysis and gas price analysis; Asian NOC; rigs, anchors, and mooring solutions; • Led the establishment of a mid-stream • Revision of the upstream strategy for a • Strategic due diligence for a hedge fund gas company in a Middle Eastern major IOC; for the acquisition of a harsh weather country (JV between an IOC and the • Reorganisation of the oil & gas deep-water drilling rig; Ministry of Oil); governance body for a Middle East • Led a sour gas monetisation strategy • Due diligence for a private equity fund producing country; for an oil major in the Middle East for taking a stake in a Middle Eastern • Reorganisation of the Drilling & Industrial Gases company . region including cost of alternatives and commercial construct analysis to Technology department of a large Middle mitigate the prevailing subsidy system. East NOC.
Georges Chehade George Sarraf David Branson
Strategy& Strategy& Strategy&
+961 1 985 655 +971 4 390 0260 +971 4 390 0260 [email protected] [email protected]. [email protected] wc.com com .com
Strategic and commercial due diligence International GCC investment Iraq Strategy& have advised regional and global corporate and private equity company Government / financial investors on a number of transactions in the upstream, downstream and oilfield services sectors in the fund World Bank MENA Oil & Gas Oilfield MENA region. Evaluating uncertainties affecting Oil & Gas Services Investment operations in Middle Eastern countries, understanding the Commercial Due Diligence Development of an Strategy key drivers of business performance, and the risks to of a Middle East Oilfield Integrated National Energy achieve the target’s business plans are typical areas of focus. Services Company Strategy for Iraq
Capabilities driven strategy framework
For any company, the ‘right-to-win’ requires aligning three key elements; when these are aligned the strategy is ‘coherent’. In E&P, the capabilities system, derived from the International MENA-focused Leading Saudi existing portfolio, informs the ‘way to play’ and future private equity investment petrochemical portfolio. Our approach considers (i) how are we going to create value from the assets we acquire; (ii) what we need to fund company company do well to deliver that value proposition; and (iii) what are the characteristics of assets to be targeted? Winning Strategic vendor due diligence Development of an Oil & Due Diligence for multi- companies align their strategic direction to the capabilities of a global pipes, valves, Gas investment strategy for billion acquisition of a that make them unique; they make hard choices about flanges and fittings a Middle East investment specialty chemical leader differentiation and stick to them. manufacturer and trader company
16 European deals practice
Jan-Philipp Sauthoff Andreas Koletzko Volker Breisig Partner, Germany Partner, Germany Partner, Germany
Jan-Philipp is the Partner responsible for Andreas is a member of the PwC Volker Breisig is a Partner in PwC’s Energy transactions in the Energy & Utilities Transaction Services Energy team and Practice. He specialises in Power & Gas an industry in Germany. has over 26 years of professional has over 15 Years of relevant experience in He has more than 17 years of deal-oriented experience, thereof more than 17 years the energy sector. and consulting experience. This includes a exclusively in transactions. He has worked extensively in various areas significant number of transactions in the He has gained extensive experience in of the energy industry, covering the entire Oil & Gas sector, including for gas fields in the energy and related sectors such as gas value chain, regulatory management and the North Sea and in Germany. renewables, utilities and infrastructure development & implementation of gas Selected deals include: as well as in Industrial Manufacturing portfolio management strategies. Furthermore he has directed a number of • Valuation of gas fields in the North Sea and Plant Engineering. assignments for (international) energy for Gazprom; Selected deals include: companies on strategy development, • Valuation review of exploration assets • Buy side due diligence services for business planning, grid access and in Norway for a major German utility; Gazprom on the Wingas assets regulatory management. (deal aborted 2015); • Valuation of Syrian oil and gas fields deal drivers. for a Chinese utility; • Buy side Due Diligence on Selected deals include: • Vendor Assistance for E.ON on OGE Lahmeyer International Group; (financial and regulatory model); • Vendor Due Diligence on a sizeable • Commercial Due Diligence (CDD) on gas network assets; • Vendor Assistance for RWE on German and UK gas storage Thyssengas (financial and regulatory business; • CDD on UGS portfolios; model). • Vendor Due Diligence for E.ON on • Commercial advisor on routes to market Open Grid Europe; for gas from upstream assets; • Buy side Due Diligence for Fluxys • Strategic & commercial advisor on the on TENP/Transitgas; development & implementation of • Vendor Due Diligence for RWE on marketing concepts for UGS facilities; Thyssengas. • Negotiation of gas supply contracts such as EFET; • Various market analysis of the international gas markets.
Jan-Philipp Sauthoff Andreas Koletzko Volker Breisig
Valuation & Strategy Transaction Services Energy Advisory
+ 49 211 981 2135 +49 211 981 7427 +49 211 981 4428 [email protected] [email protected] [email protected]
Transaction Services Open Grid Gazprom Upstream assets Our Transaction Services team has advised on a number of Europe transactions across the entire energy value chain both on Provided financial and tax Commercial advisor on the buy-side and the sell side. due diligence services to development of suitable Vendor assistance and Gazprom in connection with routes to market for gas vendor due diligence Valuation services its proposed acquisition of from upstream assets Services for E.ON on the the Wingas assets (deal sale of Open Grid Europe to Our valuation team has deep experience in the valuation of aborted 2015) a consortium led by assets across the entire energy value chain. The team also Macquarie focuses on financial and regulatory modelling within the industry and has developed transaction models for various deals in the Germany energy industry.
Integrated approach Petroplus Oil terminal Petrochemical business Business recovery advise to Market analysis of the Our teams combine the extensive experience of our the banks and insolvency international markets for Transaction Services and Valuation professionals in order to Commercial due diligence in administrator of the petrochemical products deliver the highest possible value to our clients. connection with the refining company Petroplus transaction of an oil terminal business
17 European deals practice
Henrik Zetlitz Nessler Per Christian Daniel Rennemo Partner, Norway Wollebæk Director, Norway Partner, Norway Henrik brings over 25 years of audit and Per is Deals partner in our Oslo office Daniel brings a breadth of transactional financial advisory experience to our clients with more than 12 years experience in experience from E&P and oil services from and draws on a broad background as a PwC due diligence and transaction advisory his 12 years with PwC in Stavanger, Norway. professional. During the last eight years work for private equity and corporate He has worked as an advisor on a number of Henrik has focused on providing investors. large capital market transactions in addition transaction services as the leader of the He has worked on a wide range of to contemplated and completed private Transaction Group in PwC Stavanger and is projects in the upstream and transactions. He regularly works for E&P also a member of the national Transaction downstream Oil & Gas sector. Per also majors and independents in completing Services Group in Norway. has extensive experience from diligence on transactions, and valuation or Henrik has provided services to numerous transactions in the Oilfield Services modelling services. clients in the Oilfield Services and E&P sector. Within oil services, Daniel has worked with a sectors related to acquisitions, IPOs, Per is a State Authorized Public multitude of financial and industrial clients, mergers, share issues, vendor assistance Accountant and holds a Master of assisting with buy-side diligence or sell-side and sales. His experience ranges from large Science in Accounting and Auditing preparations always with a keen eye on multi-national transactions to middle from the Norwegian School of understanding the commercial deal drivers. market, as well as many private equity- Management (Oslo) and a Master of Selected deals include: backed transactions. Science in Economics and Business • Buy-side due diligence to an unnamed Selected clients include: Administration from NHH (Bergen, bidder for the Marathon Norway • Edison Petroleum Norway) and Università Bocconi business (Milan, Italy). • GDF Suez • Carve-out acquisition of Scana’s offshore Selected clients include: • Hitecvision division by a Hitecvision portfolio • Statoil • Lundin Petroleum company. • Marathon Petroleum • E.ON • Buy-side diligence on Talisman Norge for a potential acquirer • Royal Dutch Shell • Shell • Lundin • Seadrill spin-off transactions including • Sevan Marine Archer and North Atlantic Drilling. • Sevan Drilling • Panoro Energy • Subsea 7 • AGR • Aibel • Freudenberg
Henrik Zetlitz Nessler Per Christian Wollebaek Daniel Rennemo
Transaction Services Transaction Services Transaction Services
+ 47 95 26 11 33 + 47 95 26 03 18 +47 95 26 11 16 [email protected] [email protected] [email protected]
Upstream Oil & Gas Hitecvision Qinterra AGR Group For E&P deals, understanding the tax positions and risks of companies are key components of any deal on the NCS, and Fiancial and tax due Financial and tax due Formed a cross- is an area where we have in-depth knowledge. From a diligence in connection with diligence in the context of jurisdictional team with financial perspective, understanding capital projects, the acquisition of Deepwell the acquisition of Aker well PwC London to advise commitments, and decommissioning liabilities are key areas AS by O&G focused private services division by private Silverfleet Capital on the of focus. equity Hitecvision equity EQT backed Qinterra acquisition of AGR Group – a listed offshore drilling Activity on the Norwegian Continental Shelf continues to be contracting company strong and we have seen keen interest in companies looking to acquire corporates and assets.
Oilfield services MRC Global Linjebygg Eltek For transactions within the OFS sector, the value of a good Offshore due diligence depends on the ability to couple strong Acted as financial and tax Vendor Assistance to the analytical skills and transactional experience with sound advisor for MRC Global in Advisor for the buyer largest owners and industry understanding to identify key deal issues. This is their acquisition of private Prezioso-Technilor in the management team to why we believe strongly in having a team of experienced equity backed Stream acquisition of Linjebygg support the strategic transaction professionals dedicated to the Upstream Oil & Offshore AS process leading to an Gas industry. industrial buy-out
18 European deals practice
Torbjørn Støle Chris Durieux Carlos Fernandez Landa Director, Norway Partner, Netherlands Partner, Spain
Torbjørn leads the Corporate Finance Chris has 9 years of experience as an auditor Carlos is the Deals Partner leading PwC’s department in Stavanger. He has 18 years of followed by 15 years of experience in due Energy practice in our Advisory Division in M&A experience, of which the last 14 years diligence work. He is the transactions Spain with over 18 years of experience . have been within corporate finance. specialist in PwC’s Dutch Energy, Utilities Carlos also leads the Transactions Services He has extensive experience of working on and Mining Industry Group. and Valuation Group in PwC Spain. oil field service transactions, including Chris has been involved in the main Carlos has managed significant financial M&A, IPOs and capital issuance (both bond transactions in the EU&M sector in The and regulatory due diligence and valuations. and equity). His expertise includes Netherlands in recent years, working for He has deep and specialised knowledge of structuring a company’s business case, national and international corporates PE the Oil&Gas and Energy-generating sector preparations (investor presentations, due houses. and the infrastructure therein. He has been diligence, forecasting), marketing, and He has covered an extensive range of buy involved in some of the most important price/SPA negotiations. and sell-side transactions in up-, mid- and deals in recent years in Spain, and has led Selected deals include: downstream, offshore, regulated assets, international projects in this area. Carlos has broad due diligence experience in both • Sale of Quickflange to ICR Integrity trading, generation and supply and waste related activities. corporates and private equity transactions. • Sales process of WellPartner Selected clients include: He has a degree in Economics from Deusto • Equity issue Castor Drilling Solution • STS University and an Executive MBA from (STX) ESADE. He is a Chartered Accountant and • Sale of Teamtrade to Bjørge Group • Vattenfall regular speaker in the University and some • Sale of Marine Aluminium to Norvestor • RWE seminars related to Transactions. Equity • TenneT Selected clients include: • Sale of Well Technology to Shell • Gasunie • Cepsa Technology Venture • Fugro • Enagas • Sale of Poseidon Group AS to HitecVision • Van Gansewinkel • Repsol • PGGM • Gas Natural • Attero • Endesa • KEMA (DNV/GL) • EDP • Alfa Group
Torbjørn Støle Chris Durieux Carlos Fernandez Landa
Corporate Finance Transaction Services Transaction Services
+47 99 21 67 45 +31 88 792 3932 +34 915 684 839 [email protected] [email protected] [email protected] om
Upstream Oil & Gas UGI / Antargas Cepsa Zahid Group We have advised on significant transactions in the European upstream sector. This includes acquisitions of European Financial, tax, HR and Buy-side due diligence on Financial, tax and legal due interests and international deals, such as in Latin America pension due diligence as diverse Oil & Gas diligence, and SPA support and Asia. Understanding commitments, royalties, capital well as SPA support in the acquisitions in Latin in the context of the projects and tax are key areas of focus. context of the acquisition of America, Africa and Asia acquisition of a minority TOTAL Gaz, the French (Hupecol Caracara LLC, ‘Bir interest in TOTAL Maroc Downstream Oil & Gas LPG business of Total el M’sana’ project, and Coastal Energy) We have acted on a number of transactions involving downstream distribution and supply businesses. Often these have involved understanding the impact of regulation on product pricing/margins as well as complex carve out issues which have been key areas of focus. Ecopetrol Gas Natural Endesa Fenosa Financial and tax due Vendor due diligence of
diligence in the context of certain distribution and Led the due diligence for the acquisition of the South transport gas assets located the sale of gas distribution American activities of in Spain assets (500,000 connection Maurel & Prom points in Madrid) by Gas Natural Fenosa
19 European deals practice
Eric Douheret Engin Alioglu Murat Çolakoğlu Partner, France Partner, Turkey Partner, Turkey
Eric is a Partner in the PwC Transaction Engin is a Transaction Services partner Murat joined PwC Turkey’s Istanbul office Services group in Paris. Eric’s expertise is based in the PwC Istanbul. He is the Private on 1 August 1993 and was admitted to focused in the areas of mergers and Equity leader for PwC Turkey. For the last partnership in July, 2006. He currently acts acquisitions, primarily on business and 18 years Engin has been actively involved in as the partner responsible for the Energy financial due diligence. consulting investors in their M&A activities Utilities and Mining Industry and Eric leads the Energy & Utilities industry and privatization projects in Turkey, infrastructure investments in the PwC within PwC Transactions France. Eric’s working on over 400 deals. Turkey. clients are hence primarily focused on the Engin is the lead energy transactions In his career of 20 years in the firm, Murat Oil&Gaz, utilities, chemicals and partner and as such has been involved in has 17 years experience in the energy, engineering sectors. many transactions on various fields within utilities and mining industry. He specializes His experience includes transactions the energy space. in the provision of tax consultancy for sponsored by corporate and private equity Selected deals include: multinational companies, including on clients, involving joint ventures, spin-offs, mergers and acquisitions. Areas of • Due diligence on Aytemiz Petrol for minority investments, buy outs and proficiency include international tax Dogan Group; refinancings. planning and bilateral tax treaties. Murat • Market study to PETDER to understand graduated from Istanbul University’s Faculty Selected clients include: the changes in major KPIs and develop of Economics’ Econometrics Department. • Total arguments to EMRA; He is currently lecturing at Bilgi University • UGI / Antargaz • Due diligence on OPET during the on Energy Policy for an Executive MBA level • Vitol acquisition by Koc Group; program. • General Electric • Due diligence on K-Pet (Northern Murat has focused on firms that primarily • EDF Cyprus); deal with energy and infrastructure • Idex • Due diligence and valuation services to a investments. In that capacity, he has gained a wide range of experience with the • Electrabel Oil & Gas distribution company in Turkey; consultancy services characteristic of that • Blue Water Energy industry. He has a thorough grasp of the • Due diligence on Sihirgaz during the • PAI financing models of these investments in acquisition of Shell Gas; terms of tax principles as well as a • Market research and market entry comprehensive understanding of the strategy advice to an international Oil & financial audit and planning work that goes Gas group. into green field investments, privatization and acquisitions.
Eric Douheret Engin Alioglu Murat Çolakoğlu
Transaction Services Transaction Services Tax
+33 1 5657 8024 +90 212 376 5304 +90 212 326 64 34 [email protected] [email protected] [email protected]
Oilfield services Vitol Oil & Gas EDP We have significant experience of advising on transactions in distribution the OFS sector. Understanding the key drivers of revenue Financial and tax due Provided regulatory and earnings growth, underlying historic trends, the viability diligence in the context of company assessment services to a of business plans and sustainability of projected earnings are the acquisition of the private equity fund in the often key areas of focus. African downstream Due diligence and valuation context of the disposal of business of Shell (UK / services to a Oil & Gas EDP´s Portuguese France joint project) distribution company based in Turkey government stake
Enagas Dogan Group Koc Group
Supported its acquisition of Due diligence on Aytemiz Due diligence on OPET gas transportation assets Petrol in connection of its prior to its acquisition by (Primary and secondary, acquisition by Dogan Group Koc Group 445 kms) located in the north of Spain
20 Central & Eastern European deals practice
Lev Vilyaev Des McNamara Konstantin Adam Lyons Partner, Russia and Partner, CEE Leader of Yeliseyev Partner, Russia CIS O&G Consulting Partner, Kazakhstan Lev is a Partner in the Dr Des McNamara is a Partner Konstantin is a Partner based Adam is the lead Partner for our Transaction Services Group. in Moscow leading the Oil & in Kazakhstan leading the Oil & Gas Consulting practice in Lev has over fourteen years Gas Consulting practice in deals practice in Eurasia, a Russia. He has 20 years of transaction experience Russia and CEE. He has over territory including countries of experience of working at board and has lead over 200 deals 26 years of experience in Caucasus, Central Asia and level with global energy in Russia and worldwide. upstream and downstream Oil Mongolia. companies on strategy and Lev has worked on a number & Gas, oilfield services and For more than 12 years implementation, operating of high profile deals such as petrochemicals across Europe, Konstantin has been model design and performance Rosneft-Seadrill, Russia and the CIS, North supporting clients in the improvement across a wide Schlumberger-EDC, and America, Latin America, and energy and mining sectors range of functional areas. Gazprom-Sibneft. Asia. across the CEE region. Adam has worked on projects in He has supported numerous Prior to transaction work, Selected deals include: Europe, Eastern Europe and the Lev worked on audits of the acquisitions from operations former Soviet Union and North energy clients of the firm in due diligence to business-wide • Support to Sino-science in America. This has provided wide Russia and the US, including post merger integration, all respect of the acquisition of industry exposure to the various El Paso Energy, Gazprom, focused on the delivery of Maten Petroleum ($0.5B); perspectives and challenges of Nizhnekamskneftekhim, ‘upside’ results. • Due diligence on Kashagan major international Oil & Gas Tatneft. Selected deals include: project for CNPC ($3.0B); companies, independents, Selected clients include: • Pre-deal operations and • Due diligence prior to a infrastructure developers and • Rosneft commercial due diligence for number of KazMunaiGaz Oil & Gas services companies, as Group’s largest acquisitions: well as investors. • Gazprom Neft multiple businesses in the Oil & Gas sector; KazGerMunai ($1.2B), MMG Selected clients include: • CNPC ($2.6B), Pavlodar Refinery • Post-deal operational • Gazprom • LUKoil turnaround for a global (~$1B); • Gazprom Neft • Mitsui oilfield services business • Exillon Energy IPO on LSE. • SEIC • ONGC Vidish acquired by a private equity Selected clients include: house; • Shell • Urals Energy • Chevron • Pre- and post-deal • Weatherford • CNPC integration of a European • Tatneft • KazMunaiGaz NC refining business into an Oil • BG Group & Gas Major, and • Korean NOC
implementation support to • PetroKazakhstan realise operational synergies • Rompetrol of €143 million. Lev Vilyaev Des McNamara Konstantin Yeliseyev Adam Lyons
Transaction Services CEE Advisory Transaction Services Russia Advisory
+7 495 232 5703 +7 905 543 0914 +7 727 330 32 00 +7 812 326 6682 [email protected] desmond.mcnamara konstantin.yeliseyev@kz [email protected] om @ru.pwc.com .pwc.com
Upstream Oil & Gas KazMunaiGas KMG Rosneft We have advised on a large number of transactions in the NC (KMG NC) Exploration and upstream sector. Understanding historical financing We supported Rosneft with sources, production sharing agreements, future Production a number of their We were engaged by KMG commitments, capital expenditure plans, regulatory We conducted financial, tax, acquisitions and JVs in the NC to perform financial and compliance and taxation were often key areas of focus. legal, and environmental due upstream, downstream and tax due diligence on one of diligence and provided legal oilfield services space. This the largest producer and Midstream/Downstream Oil & Gas M&A support on a number included due diligence, refinery in Kazakhstan and of acquisitions in Kazakhstan valuation, structuring and assist with SPA negotiations We have provided transaction services on a number of deals and Russia SPA support involving transportation and storage assets, oil refineries and downstream distribution and supply businesses in the CEE region. Understanding the impact of regulations on profitability, future commitments and capital requirements, CNPC KazTransOil KNOC taxation and others were among the key areas of focus. We supported CNPC with We conducted IPO readiness We carried out financial and Oilfield services their acquisition of stake in diagnostics on KazTransoil tax due diligence on the Kashagan oilfield and other oil & gas largest acquisitions by In the current environment, the Russian oil majors are infrastructure companies KNOC in Kazakhstan, facing challenges of localisation of technologies and and carried out due including Altius Holding securing sustainable supply of oilfield services. This has diligence, working capital and Sumbe triggered a number of transactions/ consulting projects, review and financial which we support. reporting procedures review on KTO
21 Americas deals practice
Doug Meier Rob McCeney Joseph Dunleavy Partner, United States Partner, United States Partner, United States
Doug leads PwC’s Transaction Services Rob provides acquisition services in the Joseph P. (Joe) Dunleavy is a Partner in group in Houston, Texas. Working energy and infrastructure industries on the Houston office of PwC, where he extensively with companies contemplating behalf of both corporate and financial primarily serves clients in the energy cross-border acquisitions, Doug has sponsor clients. The primary industries Rob industry. Joe specializes in initial public advised clients headquartered in countries serves include up-, mid- and downstream oil offerings (IPOs), debt and equity offerings, throughout Europe, Asia/Pac, Latin & gas; mining; power & utilities; wholesale accounting advisory services, and financial America and North America. and retail energy trading and marketing; reporting issues. Joe currently leads PwC’s core infrastructure and energy and US Energy Sector Capital Markets and Doug was selected as one of the top 100 infrastructure -related equipment and Accounting Advisory Practice. most influential Houston leaders in the services companies. energy industry by the Houston Business Joe has served clients in the energy Journal. Rob has over 20 years of experience with industry for the last 20 years. His clients cross-border transactions working in PwC’s Doug specializes in financial, economic have included large multi-national SEC New York, Santiago, Chile and Seoul, South registrants, independent oil and gas and accounting analyses involving complex Korea offices. business situations and transactions. His companies, midstream companies and experience includes a wide range of Selected deals include: development stage enterprises. During his Mergers & Acquisitions issues including career Joe spent four and a half years strategic planning, acquisition due • $1b off-shore drilling rig fleet by a financial working in Moscow, assisting oil and gas diligence, value drivers, purchase sponsor group; companies to convert their Russian agreement negotiation, structuring, post- • $3b+ of inter-state pipeline systems by a statutory financial statements to US GAAP merger integration and sell-side diligence, private equity fund; and International Accounting Standards in among others. order to aid their access to the • $500m gas gathering and processing international financial markets. Doug regularly speaks at national system by a private equity fund; professional conferences and seminars, • $3b oilfield equipment manufacturer by a After returning from his secondment to including seminars on Mergers & corporate buyer; Moscow, Joe completed a two year tour in Acquisitions and Joint Ventures. the SEC Services Group of the National • $1.5b natural gas E&P and gathering joint Office of PricewaterhouseCoopers. While
venture between a producer and a heavy in the National Office, Joe assisted various industrial consumer; energy companies with their periodic SEC • $4b LNG liquefaction project on behalf of a reporting requirements, IPOs, debt and private equity fund; equity offering, responding to SEC • $5b mining group across the Americas. comment letters and other SEC reporting requirements.
Doug Meier Rob McCeney Joseph Dunleavy
Transaction Services Transaction Services Capital Markets
+1 713 356 5233 +1 713 356 6600 +1 713 356 4034 [email protected] [email protected] [email protected]
Oilfield services Rig helicopter Global shipping Pipeline and We have acted for both corporate and private equity buyers service provider service provider trading company in the oil field service sector. International operations are common in the Energy industry, particularly for oilfield Financial, tax, HR, IT and Financial, tax, HR, and IT Financial, tax, HR, and IT service providers. We have experience in analyzing issues insurance due diligence on due diligence on behalf of a due diligence for a private that arise due to international operations, including foreign behalf of a public oilfield global shipping provider equity buyer currency impacts, repatriation of earnings and FCPA services Company concerns.
Transportation Gas gathering E&P Company and storage and processing Financial and tax due
facilities diligence on behalf of an Financial, tax and HR due international oil company diligence on behalf of a Financial and tax due public MLP diligence on behalf of a public MLP on two separate acquisitions of gas gathering and processing facilities
22 Americas deals practice
Seenu Akunuri Andrew Robinson Ben Khew Partner, United States Director, United States Director, United States
Seenu is a located in the Houston office of Andrew is an experienced Director within Ben is a Director in the Houston PwC where he primarily serves clients in the deals practice based in Houston, Texas, Transaction Services financial due the energy and mining industries. Seenu and is part of the Oil & Gas team. diligence practice and has over nine years has more than 18 years of experience in the Andrew has completed numerous due of experience with the firm. valuation of businesses and assets. He has diligence transactions across a broad Ben’s experience includes leading multi consulted with clients on complex spectrum of sub sectors in the Oil & Gas disciplinary buy-side and sell-side valuation issues for structuring, buy-side, arena including consulting businesses, financial due diligence assignments in the sell-side, tax and financial reporting pipelines, manufacturing and distribution oil and gas industry, including oilfield purposes including purchase price businesses, service businesses and oilfield services (EPC, completions, down-hole, allocations, goodwill and intangible asset service operations. As a previous auditor wellhead, etc), exploration and production impairments and international tax and experienced deal professional, Andrew assets, midstream processing assets and purposes. benefits from a strong grounding in such companies. His experience includes valuations of areas as Percentage- of-completion Ben’s industry experience also extends to assets and businesses across all sectors of accounting and how this impacts M&A vertically integrated mining operations, the energy industry including oil & gas transactions. reserves, pipelines, gathering and predevelopment mining projects and Prior to joining the PwC deals practice, transmission systems, refineries, chemical various mining and energy services Andrew worked in investment banking for plants, storage, liquefaction, regas, oil field companies located in Western Australia in excess of 10 years and has led numerous services, equipment, drilling rigs and and the United States. transactions in that role. intangible assets. Ben has performed these services for a Andrew has been involved in domestic and Seenu was a Director in Standard & Poor’s diverse client base including multinational international transactions with values Corporate Value Consulting before corporations, state owned enterprises and ranging from $5 million to several billion rejoining PwC in October 2005. international investment houses. dollars with clients being both corporate and Seenu is an Accredited Senior Appraiser, financial institutions. By leveraging his Ben has a Bachelor of Commerce Degree Certified Business Appraiser and an Investment Banking background, he is able from the University of Western Australia Accredited Valuation Analyst and holds an to bring a different perspective to buy and and is also a qualified Charted Accountant MBA with a concentration in Finance and sell side engagements by taking a holistic with the Institute of Chartered Accounting from Tulane University. view of the transaction and potential issues. Accountants Australia.
Andrew is a qualified Chartered Accountant and graduated from Lancaster University Business School (UK) with a degree in Finance, Math and Statistics.
Seenu Akunuri Andrew Robinson Ben Khew
Valuations Transaction Services Transaction Services
+1 713 356-5904 +1 713 356 4128 + 1 713 854 5946 [email protected] [email protected] [email protected]
Downstream Oil & Gas Oilfield Oilfield services Oilfield services We have acted on a number of transactions involving equipment distributor slickline downstream distribution and supply businesses. Often these have involved understanding the impact of regulation manufacturer business Financial, tax, and IT due on product pricing/margins as well as complex carve out diligence on behalf of a issues which have been key areas of focus. Financial, tax, IT and FCPA Financial and tax due private equity buyer due diligence on behalf of a diligence on behalf of a Valuations private equity buyer large public company
We have supported clients on complex valuation issues in upstream, midstream, downstream and oilfield services. Such support has included business valuation, corporate restructurings, purchase price allocation, goodwill/intangible asset valuation and tax valuations. LNG facilities Producing oil Oilfield and gas reserves equipment Financial, tax and HR due
diligence on a MLP for an manufacturer Financial and tax due outside investor diligence on behalf of a Financial and FCPA due private equity investor diligence on behalf of a public company
23 Americas deals practice
Clinton Roberts Kris McConnell Paul Sharp Partner, Canada Partner, Canada Partner, Canada
Clinton is a Partner in the Alberta Kris is a Partner in the Alberta Transaction Paul is a Partner in the Calgary Valuations, Transaction Services Group. He has over Services Group. He has over 17 years of Modelling and Disputes Group. Paul has 18 years of professional experience and has professional experience and has been more than 17 years of experience in public been providing due diligence services to providing due diligence services to accounting, including more than 14 years numerous clients purchasing assets in numerous clients in various sectors of the focused on valuation, loss quantification various sectors of the energy industry in energy industry in Canada and abroad for a and forensic accounting. He is well versed Canada for a number of years. number of years. in the preparation of business and security Selected deals include: His main industry of specialization is energy valuation in the context of • Assisted China Oil & Gas Group with a focus on exploration and production, merger/acquisition based mandates, Limited in its acquisition transaction and various Oil & Gas service Companies. shareholder disputes and transactions, tax of Baccalieu Energy Inc. with Oil & Gas Kris has practiced in our Calgary, London, authority disputes, tax planning, and assets in Western Canada. Mexico City and San Francisco offices and corporate reorganizations. He has also has worked on transactions in Canada, the produced numerous reports and analyses • Assisted StatoilHydro with its $2.3 related to fair value accounting including billion acquisition of North American US, Latin America, Europe, Australia, Asia, and Africa. purchase price allocations, intangible asset Oil Sands Corporation. valuation, goodwill impairment analysis • Provided due diligence services to Selected deals include: and valuation of financial instruments Crescent Point Energy Trust regarding • Assisted JAPEX in its acquisition of a including options and convertible numerous transactions with deal 10% interest in North Montney shale gas instruments. values in excess of $2 billion. assets and participation in a planned Paul has also been qualified and has • Transfield Energy Services engaged us LNG facility in BC from PETRONAS and provided testimony as an expert witness in to assist with the evaluation of its subsidiary Progress Energy Canada the Alberta Court of Queen’s Bench, the entering into a Joint Venture with a Ltd. Alberta Utilities Commission and the Canadian Oil & Gas services company • Assisted China Oil & Gas Group Limited International Chamber of Commerce to provide ongoing maintenance / in its’ acquisition transaction of International Court of Arbitration. capital management support to oil Baccalieu Energy Inc. with Oil & Gas His experience includes valuations of sands companies. The total value of assets in Western Canada. assets and businesses across all sectors of the proposed joint venture is in excess • Assisted PTTEP with its $2.3 billion the energy industry with significant of $500 million. acquisition of a 40% interest in Statoil’s experience in the valuation of exploration oil sands partnership. and production entities in numerous jurisdictions.
Clinton Roberts Kris McConnell Paul Sharp
Transaction Services Transaction Services Valuations
+403 509 7307 +403 509 7484 +1 403 509 7550 [email protected] [email protected] [email protected]
Upstream Oil & Gas Upstream Oil & Mitsubishi PTTEP We have advised on significant transactions in the upstream Gas carve-out Corporation sector, both acquisitions of American and Canadian Assisted PTTEP on its $2.28 interests and international deals. In particular, we have Assisted a private company Provided assistance with billion acquisition of a 40% experience of non conventional resources such as oil sands. in the corporate acquisition $450 million investment in partnership interest in Understanding commitments, production sharing of another private company a Western Canada shale gas Statoil’s oil sands project. agreements, capital projects and tax are key areas of focus. with properties in Canada. Joint Venture with Penn Assistance with financial Performed financial and tax West Energy Trust. Assisted and tax DD, tax structuring, due diligence, and property with financial and tax DD deal advisory audits on acquired entities and financial modelling
JAPEX China Oil & Gas Osum Oil Sands
Assisted JAPEX in its Assisted with financial and Assisted with financial due acquisition of a 10% interest tax due diligence and tax diligence with respect to in North Montney shale gas structuring with respect to Osum Oil Sands Corp. assets and participation in a acquisition transaction of acquisition of the Orion Oil planned LNG facility in BC Baccalieu Energy Inc. with Sands Project from Shell from PETRONAS and its Oil & Gas assets in Western Canada (a Royal Dutch subsidiary Progress Energy Canada Shell Group entity) Canada Ltd
24 Americas deals practice
Josh Matthews Christian Silva Gamboa Managing Director, Canada Partner, Brazil
Josh is a Managing Director in Calgary, and Christian has over 14 years experience in leads the Alberta corporate finance practice advising clients on mergers and for the firm. He has more than 15 years of acquisitions. In Brazil, Christian has experience related to mergers, acquisitions, primarily focused on advising foreign divestitures, debt and equity financing investors, both corporate and financial activities, and strategic advisory services. seeking opportunities to invest in Latin For the past eight years, he has primarily America. focused on delivering M&A and financing Having worked for over 2 years in our advice to private and public companies in London office, Christian has worked for the energy services industry. large clients, both corporate and financial Josh has advised clients on a number of buyers, and performed buy-side and transactions in the U.S. and in Canada, and vendor due diligence assignments in has strong relationships with many private various sectors such as bio-fuels, Oil & Gas, equity groups and strategic buyers industrial and consumer products, among throughout the world. In addition to his others. He has worked on transactions energy services experience, he has provided with deal values of US$1bn+. transaction advice to clients focused on Oil & Gas exploration and production. While in London, Christian was a member of the Emerging Markets Group in Josh has an MBA with a concentration in Transaction Services, participating in Finance from the University of California at discussions and initiatives with investors Los Angeles (UCLA Anderson). seeking opportunities to invest in the BRIC Selected deals include: countries. • Advised Glencoe Resources on the sale of a working interest in its CO2 enhanced oil recovery project to OMERS Energy. • Advised Strad Energy Services with convertible debenture financing. • Advised Strike Energy Services on its acquisition of Bob Dale Oilfield Construction.
Josh Matthews Christian Silva Gamboa
Corporate Finance Transaction Services
+ 1 403 509 6675 + 55 11 3674 3378 [email protected] christian.silva. [email protected]
Corporate finance Glencoe Strad Energy Strike Energy Our team has delivered M&A and financing advice to private Resources Services Services and public companies in the energy services industry as well as O&G exploration and production. We have a large Advised on the sale of a Advice with convertible Advised on its acquisition of external and internal network we can call upon as part of working interest in its CO2 debenture financing Bob Dale Oilfield our service delivery. enhanced oil recovery Construction
project to OMERS Energy
Crescent Point Transfield StatoilHydro Energy Trust Energy Services Assisted StatoilHydro with its $2.3 billion acquisition Provided due diligence Supported the evaluation of of North American Oil services regarding entering into a Joint Sands Corporation numerous transactions with Venture with a Canadian Oil deal values in excess of $2 & Gas services company billion
25 Africa deals practice
Jan Groenewald Peter McCrystal Johnathan Godden Partner, South Africa Partner, South Africa Partner, South Africa
Jan is a PwC Corporate Finance partner and Peter is the Leader of the Transaction Johnathan is a Partner within the South the national leader of PwC’s Valuation & Services division for southern Africa. He is African Deals practice. Since joining the Economics practice in the South African a Partner with over 14 years’ full-time deal firm’s dedicated Mergers & Acquisition Deals practice. Jan has performed advisory experience with PwC Transaction department in 2004, he has been involved in valuations for clients in a wide range of Services, including significant mining a number of high profile corporate advisory industries, and has worked in the Oil & Gas related work. assignments. sector for the past 12 years. He also has Peter has executed a wide variety of Specifically, Johnathan has been extensive experience in providing Fair & transactional work and has led significant instrumental in the development and Reasonable opinions in terms of the local complex local and cross-border buy-side implementation of Black Economic stock exchange requirements, acting as and sell-side work for both major Empowerment and capital restructuring independent adviser in terms of the local corporates and private equity houses. transactions for both domestic companies regulators on takeovers of listed companies and multinational companies operating Selected deals include: and providing Expert Valuation opinions to within South Africa. Key BEE advisory clients. Within the mining sector Peter has over mandates where Johnathan has assumed the Selected deals include: the past number of years led or been lead project management role include involved in numerous deals, including: • Independent expert opinion on value of General Electric South Africa a local refinery for the purposes of a • The acquisition of Lebowa Platinum (Transportation) Grindrod Freight Services, transaction between shareholders; on behalf of Anooraq Resources; Compass Southern Africa, Charter plc and Howden Africa Holdings and Canon Europe. • Indicative valuation of local gas-to- • Optimum Coal on behalf of a liquids plant for purposes of a prospective investor; Prior to joining PwC CF Johnathan worked in transaction between shareholders; • Samancor on behalf of a prospective corporate finance in London and thereafter • Indicative valuation of local operations investor; spent two years in the private sector with Old Mutual and Gen Re in Cape Town. of global oil majors for purposes of the • Highveld Steel on behalf of a bidder; He holds a CA and H-Dip Tax diploma. introduction of a local partner to the • Super Stone Mining and Ferro business; Furnaces for Ekapa Mining; • Assistance on analysis required for • Reviews of various coal assets for regulatory pricing in the fuels and Eyesizwe Coal; various transactions for pipelines sectors for both regulators Anglo American; and operators in the Oil & Gas industry. • Namakwa Diamonds in preparation for its listing on the LSE.
Jan Groenewald Peter McCrystal Johnathan Godden
Corporate Finance Transaction Services Corporate Finance
+ 27 11 797 5380 +27 11 797 5523 + 27 11 797 4478 [email protected] [email protected] [email protected]
Upstream/Downstream/Oil field service South African Sasol Mossgas GTL We have experience on advising on transactions throughout subsidiary of Oil the Oil & Gas spectrum in Africa, including upstream, We provided benchmarking We performed a valuation downstream and oil field services. Our team covers all major Major and cost of capital advice to of the Mossgas GTL facility locations across the continent and incorporates deals Sasol in respect of their on behalf of its shareholders offering which includes due diligence services, corporate We assisted the local submission regarding a for a transaction between finance, capital markets advisory, project finance, valuations subsidiary of an Oil Major potential Windfall Profit shareholders and tax. with a restructuring of its Tax in the South African local partner’s ownership Liquid fuels sector structure
Total SA Downstream South African
We advised Total SA on its project refinery black economic empowerment strategy. The We performed a due We provided an expert mandate included a full diligence of the refinery and valuation opinion on a valuation of Total SA and a downstream operations of a South African refinery in full sale side advisory leading South African Oil order to facilitate a potential mandate company transaction between its two shareholders
26 Africa deals practice
Ryan Rodkin Farouk Gumel Darrell McGraw Partner, South Africa Partner, Nigeria Partner, Nigeria
Ryan is a Deals Partner in the Cape Town Farouk has over nine years experience Darrell is the leader of the Capital Markets office with over 10 years transaction providing various services across the Group in Nigeria, and is also a Partner in the advisory experience. deals cycle, mainly Financial and Vendor Energy practice. His career in the firm has Over the past number of years Ryan has led Due Diligence, Corporate Finance and been dedicated to serving clients across the and managed a wide variety of transactional Restructuring, Valuations and Audit. He energy value chain, with a specialization in work and led significant complex local and has worked extensively in PwC, developing markets. He has worked with international transactions including due including in the Oil & Gas groups in the clients in the Oil & Gas, Mining, Engineering, diligence assignments, working capital UK and USA. Farouk currently leads and Electricity sectors, and has provided advice reviews and financial model reviews in the PwC Africa’s West Market Deals team . to many of our Firm's largest strategic clients. Oil & Gas sector. He has led several engagements During his career, Darrell has helped a number Selected deals include: involving provision of financial advisory of companies access capital on the major services to both buy-side and sell-side markets of the USA, Canada, UK, South Africa, • Multiple assignments for PetroSA in clients in various industries covering Oil and Nigeria. South Africa including financial due & Gas, Power and Utilities, Financial diligence services in relation to the Darrell holds a bachelor’s degree from Harvard Services, Fast Moving Consumer Goods acquisition of Ghanaian offshore oil University and completed post graduate (FMCG) and Telecommunications. assets; studies at Pembroke College, Oxford. He is • Due diligence on the aborted disposal of Selected deals include: currently pursuing an Executive MBA at an National Oil Company’s downstream • Acquisition of a Nigerian based oil INSEAD Business school. African operations; services company by a UK PE fund; Selected deals include: • Listing of a Nigerian upstream Oil & • Financial due diligence in relation to the • Listing of a Nigerian upstream Oil & Gas Gas company on the London Stock aborted acquisition of US owned company on the London and Nigeria Exchange; Nigerian Oil assets by a UK AIM listed Stock Exchange; Oil and gas company; • Acquisition of a South African oil • Listing of Latin American Oil & Gas • Vendor financial due diligence review services business with operations in company in Toronto; Angola and Equatorial Guinea; for a BEE restructuring of a global oil • Listing of Canadian minerals group in majors’ Southern African division; • Valuation of a Nigerian company’s New York and Toronto; • Due diligence on two fuel wholesaler stake in a Gabonese refinery; • London stock exchange IPO readiness and logistics operations supplying to • Acquisition of an nternational Oil assessment of a Nigerian Upstream Oil & both commercial customers and retail Company’s interest in a Joint Gas company. petrol stations. Venture controlling two OMLs, a power plant, gas plant and pipeline infrastructure in Nigeria; • Equity investment in two Oil & Gas companies within the Seven Energy Group.
Ryan Rodkin Farouk Gumel Darrell McGraw
Transaction Services Deals Leader – PwC Energy, Utilities & Mining - PwC Africa,West Market Area Nigeria
+27 21 529 2182 +234 1 2711 700 +234 706 401 9361 [email protected] [email protected] [email protected]
Transaction Services Kapetrol Temasek Private Equity Our due diligence teams have assisted clients on both the Limited International investment buy and sale side of transactions in the industry. The teams are well placed to provide critical local knowledge to Pte Ltd Financial and tax due Financial and tax due potential investors in African markets. diligence on an independent diligence in relation to the Financial and tax due indigenous Oil & Gas equity investment in a diligence in relation to exploration and production Nigerian Oil & Gas equity investments in two company in Nigeria company by a UK based Oil & Gas companies within private equity firm the Seven Energy Group
National Oilwell PetroSA Acquisition of Varco oil assets Financial due diligence
services in relation to the Financial and tax due Financial and tax due acquisition of Ghanaian diligence review of two oil diligence and review of offshore oil assets servicing companies in projections in relation to the Angola and South Africa planned acquisition of an IOC’s interest in various oil producing assets
27 Africa deals practice
Kwabena Asante- Andrei Ugarov Emmanuel Le Douty Fadiga Poku Director, Nigeria Director, Nigeria Bras Partner, Congo Partner, Cameroon Kwabena has over nine years Andrei has 15 years of Emmanuel has 20 years of Douty Fadiga is the Deals experience and in this capacity, corporate finance and experience in a wide range of Coordinator for Francophone he has reviewed the strategy, as investment banking projects in Africa, Asia, Africa. He is moreover the well as the operating and experience in developed and Europe and Middle East, both Assurance and Advisory financial performance of emerging markets, advising in enterprise and law firms in Leader of PwC Cameroon, several projects and businesses on M&A and ECM Congo and abroad. Emmanuel Equatorial Guinea, Chad and in Ghana, Nigeria, Cameroon, transactions valued at over $1 is a Tax Partner with a Central African Republic. He Gabon, The Gambia and Sierra billion. Prior to Nigeria, he combined tax and legal has been working with PwC for Leone; providing due diligence, was based in Tanzania and background. He is the 23 years (14 years with PwC corporate finance and Saudi Arabia. Francophone Africa Energy Côte d’Ivoire and nine with valuation services to clients. Leader. PwC Cameroon). Andrei has an MBA from the Emmanuel has been involved During his career, Douty led He leads the Transaction Wharton School of the in numerous large investment many transaction services, Services team in Nigeria. University of Pennsylvania / financing / infrastructure corporate finance, financial and masters and bachelors restructuring projects across audit assignments. In Selected deals include: degrees from Massachusetts Francophone Africa. With a particular, he worked for • Acquisition of an Institute of Technology. He concentration on Oil & Gas many Private Equity Funds on independent Oil & Gas speaks seven languages investments projects and deals in Cameroon, Côte exploration and including French, Swahili, cross-border transactions, his d’Ivoire, Gabon, Chad. production company in Arabic and Portuguese. practice focuses on Nigeria; Selected deals include: acquisitions, divestments, He leads the Corporate • Acquisition of SONEL by • Acquisition of a Nigerian Finance team in Nigeria. trades and mergers. based oil services ACTIS in Cameroon Selected deals include: company by a UK PE Selected deals include: (Electricity); fund; • Valuation of a refinery in • Acquisition of • Acquisition of a logistics International Oil • Equity investment in two Gabon and strategic company in Cameroon by Companies assets across Oil & Gas companies options for investors; a Nigerian company. the Francophone Africa within the Seven Energy • Acquisition of a region; Group; concession by an Oil & • Due diligence prior to the • Acquisition of an Gas logistics company; listing of an International International Oil • Valuation advisory Oil Group on Toronto Company’s interest in a services to an indigenous Stock exchange; Joint Venture controlling oil & gas company; • Assistance to a major Oil an Oil Mining Lease • Acquisition of Shoreline Company based in Congo (OML) and oil producing Logistics Nigeria on the opening of its assets in Nigeria. Limited, a subsidiary of share capital to a foreign Addax Petroleum. investor.
Kwabena Asante-Poku Andrei Ugarov Emmanuel Le Bras Douty Fadiga
Transactions Services Corporate Finance Tax Transaction Services
+234 1 2711 700 +234 1 2711 700 +242 05 557 76 76 +237 677 934070 kwabena.asante- [email protected] emmanuel.lebras@c [email protected] [email protected] wc.com g.pwc.com m
Valuation Services Coastland Upstream O&G Nigerian oilfield Our Valuation teams across the African continent has wide Energy company services experience in valuing assets in the sector including the full downstream value chain, refineries and gas-to-liquid plants. company Capital raising advisory Buy-side advisory services
services for the acquisition for the acquisition of an Capital markets Financial advisory services of Shoreline Logistics oilfield by an upstream Oil in respect of a joint venture Nigeria Limited, a & Gas company We have advised numerous local companies on accessing between a Nigerian oil subsidiary of Addax capital, either locally within Africa or on international services company and a Petroleum markets. foreign strategic partner
Oilfield service Gabonese International company refinery oil group
Financial model and cash Valuation of a Gabonese Due diligence prior to the flow analysis; ten year refinery in order to listing of an International consolidated financial determine the value of the Oil Group on Toronto Stock model of an oil servicing Nigerian company’s stake in exchange company with all its the refinery for its creditors entities
28 Africa deals practice
Vish Ashiagbor Tibor Almassy Isaac Otolo Partner, Ghana Partner, Kenya Associate Director, Kenya
Vish has over 16 years of relevant working Tibor leads the PwC East Market Area Isaac is an Associate Director of Transaction experience, and has performed business (East Africa) Transactions Services, Services within PwC Kenya. He has an review and due diligence assignments for Corporate Finance and Business Recovery accumulated experience of 8 years within the various clients in the energy, agro- Services teams. Prior to joining PwC in transactions and corporate finance space. processing, financial services, Kenya in October 2013, Tibor was a He has significant experience offering telecommunications and construction Partner with PwC in the Central and strategic advice to governments and other industries. Eastern Europe markets since 2000, where agencies which has seen his involvement in he led PwC’s Capital Projects & long term sector advisory, privatizations, He currently leads the Advisory team in Infrastructure Initiative since 2010. Ghana. diagnostic and business reviews. He has experience with working with Isaac holds a Master of Finance from RMIT major multilateral organisations such as Selected deals include: University, Australia as well as a Bachelor of the World Bank, EBRD, and EU. He brings • Vendor assistance for UBI Energy Science in Mathematics with Management over 20 years experience within the Deals Group. The assignment involved due Science from the University of Southampton, Advisory practice of PwC, concentrating on diligence review, business valuation UK. and negotiation support; Valuations, Business Economics, Corporate & Project Finance, and Strategy Selected deals include: • Financial Due Diligence review of Consulting for Large National CEE firms Cirrus Energy Group in connection • Project manager on the preparation of with potential acquisition of shares; and Multinationals. the Kenya petroleum master plan, taking into account projected supply and • Buy-side due diligence review Selected deals include: demand, recent and anticipated oil and for Chase Petroleum in • Valuation of TVK and BorsodChem; gas finds; connection with proposed • Valuation of INA Group, Ministry of acquisition of shares in Glory Oil Economics, Croatia; • Core project manager for a financial Ghana Ltd; • Valuation of Slovnaft Benzinol, advisory engagement for a bidder on the • Development of Corporate Slovnaft; Eldoret-Kampala petroleum product Financial Model for Volta River • Disposal assistance / Valuation, TVK, pipeline; Authority (VRA); Tiszai Vegyi Kombinát Rt; • Due diligence support with respect to the • Financial Modelling and • Capex Review / Option valuation, TVK, privatisation of the Kenya Pipeline Valuation of Bumbuna Hydro Tiszai Vegyi Kombinát Rt; Company; Electric Expansion Project, • Valuation of Compensation due to • Performed a transporter capacity due Sierra Leone. Municipalities for Gas Distribution diligence on 16 existing and potential Companies Share Ownership; subcontracted transporters for a leading Hungarian State Property Agency. oil marketer in Kenya; • Valuation of Petrom, Romanian Oil • Project manager on a financial advisory and Gas Company; engagement with Kenya Power, which • Application of ValueBuilder, MOL Rt., involved developingf a financial model Hungarian Oil and Gas Plc. and refinancing options for the utility.
Vish Ashiagbor Tibor Almassy Isaac Otolo
Advisory Leader – PwC Ghana Privatisations, M&A, Project Transaction Services Finance Advisory
+233 (0) 302 761 500 +254 (20) 285 5373 +254 (20) 285 5690 [email protected] [email protected] [email protected]
Corporate finance advice to meet local ownership requirements National Oil Kenya Pipeline Kenya Corp. of Kenya Several African jurisdictions have local ownership Company Petroleum requirements to be considered by potential investors. PwC’s Financial, commercial, tax, Refinery Ltd Corporate Finance teams are familiar with these Commercial, financial, legal, operational and legal due requirements and have assisted several local and multi- economic and operational diligence relating to the Developed a financial / national companies with innovative structures to meet these vendor due diligence with potential acquisition of economic feasibility model requirements. respect to the proposed downstream petroleum to test the implementation privatisation of the Kenya assets from an international Pipeline Company of a captive power plant oil company under different scenarios.
Cirrus Energy Chase Petroleum Downstream Group Due diligence support in Ghana
connection with its Financial Due Diligence proposed acquisition of Valuation and transaction review of Cirrus Energy shares in Glory Oil Ghana structure advisory for a Group in connection with a Ltd merger between two major potential acquisition of its downstream Oil & Gas share capital companies in Ghana
29 Asia Pacific deals practice
Ken Su Mohit Chopra Deepak Mahurkar Partner, China Partner, India Director, India
Ken is the Oil & Gas, Energy, Mining and Mohit is PwC Deals partner based out of Deepak is the PwC India advisor Oil & Metals leader for Advisory in China/HK and New Delhi, India and focuses on Oil & Gas Gas leader, and an expert in the Energy is also the Mining industry leader for and Energy transactions. He has extensive Practice. Deepak has gained diverse China/HK. He has been based in Beijing experience of advising Indian and consulting, marketing, commercial, sales since 2004 but previously also worked in multinational companies on corporate as and operations experience in the Shanghai, Washington DC, and Vancouver. well as asset transactions in the Oil & Gas petroleum, distributed power generation Selected deals include: sector, having worked extensively with and marine industries. Indian public sector companies and • Advised CIC on it’s $3.2 billion Deepak has garnered a very high profile investment in GDF Suez’s E&P business; private clients such as Shell, Videocon, Cairn Energy and BG Group. client base and has acquired a thought • Advised CNPC on its $4.2 billion leader position in the sector in India. He Selected deals include: acquisition of PetroKazakhstan; is a leading analyst in the subject of • Advised OVL in their evaluation of oil • Advised Sinopec on its $4.8 billion energy and it’s security. acquisition of Udmertneft; sand assets in Canada; • Advised GAIL in their evaluation of In consulting, his experience spans • Advised Sinopec on its C$2.1 billion market analysis, policy & regulations, acquisition of Tanganyika Oil; Haldia Petrochemicals, a Government divestment in India; financial analysis, operational efficiency • Advised PetroChina in connection with and business planning. He has effectively • Advised OVL in their US$ 850 million their offer of over $1 billion for interests offered services for creating attractive acquisition of Columbian oil assets of in certain INEOS refining businesses; investment regime, managing business Omimex Resources and due diligence of entry, turning businesses sustainable and • Advised CNOOC on its investment in the Jubilee fields in Ghana; Chesapeake Eagle Ford shale gas project improving operational efficiencies. He with over $2 billion in consideration and • Advised Videocon in their due diligence was engaged with private and public drilling commitments; of heavy oil assets in North America companies, government bodies and • Advised Videocon in their evaluation of industry associations for advisory, • Advised Sinopec on its acquisition of 50% of CIR, owner of significant oil assets in 3 large upstream Oil & Gas assets in consulting and public policy advocacy in Kazakhstan, from Mittal. India; E&P, refining, marketing, pipeline, gas, • Advised Oil India in their due diligence LNG, fertiliser, marine, power generation,
of E&P assets in Myanmar; coal and renewable sectors. • Advised Indian Oil Corporation in their In the E&P space, his experience entails evaluation of Medco, an integrated oil policy & regulatory aspects such as review company based in Indonesia; of PSCs, acreage licensing policy, existing • Advised an Indian PSU in its evaluation gas contracts, review of existing of Murphy’s upstream assets in framework; review of gas pricing Malaysia; framework, stakeholder views and public • Assisted an overseas strategic player in advocacy. its evaluation of 2 upcoming petrochemical projects in India.
Ken Su Mohit Chopra Deepak Mahurkar
Transaction Services Transaction Services India O&G Advisory Practice
+86 139 1003 8086 +91 124 330 6022 +91 124 330 6027 [email protected] [email protected] [email protected]
Upstream Oil & Gas ONGC Videsh ONGC Oil India We have advised on significant transactions in the upstream Limited sector in India and China. Understanding commitments, Financial and tax due Financial and tax due production sharing agreements, capital projects and tax are diligence services in diligence on a multi-billion Due diligence review in key areas of focus. connection with the dollar market cap company connection with evaluation evaluation of a number of in India with assets in of assets in Myanmar and Downstream Oil & Gas opportunities in USA, Indian subcontinent Sumatra / Java, as well as Canada, West for their evaluation of We have acted on a number of transactions involving Africa, Russia and in Malaysian assets downstream distribution and supply businesses, including Kazakhstan refineries. Often these have involved understanding the impact of regulation on product pricing / margins as well as complex carve out issues which have been key areas of Indian Oil focus. BG Group Petro China Corporation Assisted BG Group in its Advised PetroChina in Due diligence review on two pre-investment evaluation connection with their offer Indian E&P assets of of an upstream block in KG of over $1 billion for Hindustan Oil Exploration basin interests in certain INEOS Company (acquired for refining businesses $112m), Kuwait Petroleum’s downstream oil in Thailand and Medco, an Indonesian based oil company
30 Asia Pacific deals practice
Mark Rathbone Vishal Thapliyal Chris Collins Partner, Singapore Partner, Singapore Director, Singapore
Mark is a Partner of PwC Singapore and has Vishal is a Managing Director (Partner) of Chris is a Director with PwC Corporate extensive experience in structuring PwC Corporate Finance in Singapore. He Finance in Singapore with over 12 years infrastructure projects that straddle the has over 18 years of direct corporate professional experience advising corporate complex interface between public and finance M&A experience of which 5 years and financial clients in mergers and private partnerships. He has been integral were in India with PwC and with KMCC acquisitions, divestments, capital raisings, to the development of numerous project (Goldman Sachs’ former Indian investment deal structuring and strategy across a structures, risk allocation and mitigation banking JV with Kotak) and 13 years have number of sectors including Oil & Gas. strategies and the related funding solutions been with PwC in Singapore. Vishal has Chris is also a senior member of PwC’s in various sectors in the UK and Singapore advised on a number of cross border M&A Global Deal Origination team focussed on including the Oil & Gas sector. Mark transactions in the Oil & Gas sector in cross border investment opportunities for currently sits as PwC’s Asia-Pacific head for Singapore. long term capital providers including its Capital Projects and Infrastructure SWFs, Pension Funds and Alternate Asset practice. Selected deals include: Managers. Selected deals include: • Leveraged buyout of Amtek Engineering Selected deals include: (Singapore) by Standard Chartered • Debt capital raising of US$252 million for Private Equity and CVC Asia for • Sale of Binder Group to MTQ the construction of tank farms at the S$550m; Corporation Ltd; Fujarah Oil Terminals for Concord • Partnership between Actis and KS • Sale of Oceaneering International Inc’s Energy Pte Ltd; Energy to consolidate all of KS Energy’s Product Solutions business to GR • Independent Expert Witness for a O&G distribution businesses, including Engineering Services Ltd; Infrastructure Asset Arbitration – Expert two SGX-listed companies, Aqua Terra • Financial adviser to ASCO Group in witness for the determination of a fair and SSH. Total value of the distribution several acquisitions in Australasia; allocation of revenue with respect to a businesses is S$320 million; • Financial adviser to a Private Equity large gas pipeline; • Divestment of 21.37% stake in SGX- bidder for CHAMPs International • Mong Dong 2 BOT Power - Review of the listed Rotary Engineering Limited to Energy Services business; project financial model for a 1,120MW Oman Investment Fund; • Equity capital raising for a Singapore coal-fired power plant in Vietnam; • Buyout of SGX-listed Labroy Marine Ltd based energy company; • GNPower/Sinosure – Adviser to by Dubai Drydocks (UAE) for S$2.38 • Capital raising for Concord Energy for Sinosure, a lender to the greenfield billion. its Fujarah Oil Storage Terminal; development of a 2 x 300MW coal-fired plant to be built at Mariveles, Philippines. • Several acquisitions of oil field & mining services businesses for Skilled Group.
Mark Rathbone Vishal Thapliyal Chris Collins
Capital Projects & Infrastructure Corporate Finance Deal Origination & Corporate Finance +65 6236 4190 +65 6236 3978 [email protected] [email protected] +65 6236 3847 [email protected]
Corporate Finance Concord Energy Actis Oiltanking Our Corporate Finance team has advised on a number of Pte Ltd GmbH transactions involving private equity and multinational Corporate finance advice on corporates in the upstream and oilfield services segments of the consolidation of the Raising of US$252 million Advice on the S$596m the sector. distribution businesses of senior debt for the divestment of a 45% stake KS Energy Services Limited construction of tank farms in 3 oil storage companies Valuation Services at the Fujarah Oil Terminals in Singapore, Amsterdam
and Malta to 3i Our Valuations team has conducted several valuation Infrastructure Ltd projects in the upstream and midstream segments of the sector.
Transaction Services Dubai Drydocks Indonesian Oil Pertamina Our Transaction Services team has advised on a number of transactions in the oilfield services segment of the sector for World LLC Refinery Energy Services a number of financial sponsor and corporate clients. Ltd Advisory services on the Valuation of an Indonesian
S$2.4bn acquisition of oil refinery and M&A valuation of a Labroy Marine Ltd through petrochemicals business for proposed acquisition of Voluntary Conditional Cash restructuring purposes equity stake in Pacific Offer Petroleum & Trading Co Ltd
31 Asia Pacific deals practice
Joshua R. Wahyudi Ripa Yustisiadi Ken Kawamura Partner, Indonesia Director, Indonesia Partner, Japan
Joshua is a Deals Partner based in Jakarta, Ripa is a Director in the Deals Group with Ken is a Partner in PwC Japan and the Indonesia, and has over 18 year of more than 12 years of experience in leader of its Transaction Services team. experience in corporate finance and accounting and corporate finance. Ripa is a His leadership role spans the full range of financial advisory. He has been involved in specialist in the Oil & Gas sectors and has transaction services including value various buy-side and sell-side advisory and wide experience in merger and acquisition, analysis, financial modeling, due diligence other corporate finance advisory such as due diligence, financial modelling, and negotiation support. fund raising, restructuring, transaction valuation and restructuring in various /project structuring and IPO preparation. industries. Early in his career, Ripa was an Before joining the Deal Advisory services auditor specialising in the energy and group, Ken had extensive experience in our Joshua focuses primarily on energy, utilities mining sectors, where his audit clients Assurance Advisory Group. He has also and mining sector and has been serving the included Exxon Mobil Oil and Petrochina. served as an instructor in the Japan Indonesian Oil & Gas State owned Institution of Certified Public Accountants. Enterprises (Pertamina and Perusahaan Gas Selected deals include: For two years he was seconded to a major Negara ("PGN")), as well as large • Acquisitions/Acquisition attempts of securities company, handling IPOs and Indonesian corporates and private equity upstream oil & gas assets/companies in family successions for non-public firms. Joshua is the relationship partner for Indonesia, France, Japan, Canada, companies. Pertamina. Kazakhstan, and Africa by Pertamina, Ken is qualified as a Japanese Certified Selected deals include: KUFPEC, Star Energy, PICO Public Accountant, and is a part time • Acquisitions/Acquisition attempts of International Petroleum, Borneo Oil & instructor at the Yokohama National upstream oil & gas assets/companies in Gas Corporation Sdn Bhd, Energi Mega University Business School. Indonesia, France, Japan, Canada, Persada, and Sinochem Petroleum Kazakhstan, and Africa; Exploration and Production Co. Ltd.; • Acquisition of a lubricant producers • Acquisition/Acquisitions attempts of company in Thailand; several oil & gas support (drilling, gas • Restructuring of PGN group; distribution, gas trading) companies in • Restructuring of non-core subsidiaries Indonesia; of Pertamina; • Acquisition of a lubricant producers • Project Structuring of new refinery and company in Thailand; refinery upgrade; • Restructuring of PGN group; • Debt restructuring of petrochemical • Restructuring of non-core subsidiaries companies. of Pertamina; • Project Structuring of new refinery and refinery upgrade.
Joshua R. Wahyudi Ripa Yustisiadi Ken Kawamura
Transaction Services Transaction Services Transaction Services
+62 21 52890833 +62 21 52980847 +81-3-3546-8540 [email protected] [email protected] [email protected]
Transaction Services Pertamina PGN and its KUFPEC Our due diligence teams have assisted clients on both the subsidiary Buy-side advisory services Due diligence for their buy and sell-side of transactions in the Industry. The team (FDD, TDD, Valuation, deal several potential has an in depth knowledge of the Oil & Gas industry, Buy-side advisory services structuring and transaction transactions in Indonesia including the standard local financial reporting for Oil & (FDD, TDD, Valuation, and support) for several oil & Gas companies. deal structuring) for several gas blocks acquisitions, Oil & Gas blocks project (JV) and group Corporate Finance acquisitions structuring/restructuring We have been providing a complete buy-side advisory (including deal structuring) for several transaction in the upstream and downstream Oil & Gas sector. The teams have an in depth knowledge of the local Oil & Gas industry. Sinochem Mitsui&Co Showa-Shell Valuation Services We are enagaged to perform Financial and tax due Deal execution support for Our valuations team has wide experiences in performing due diligence service for a diligence, and post deal Showa-Shell in connection valuation and purchase price allocation of Oil & Gas assets. potential oil & gas integration in relation to the with the integration of LPG transaction in Indonesia joint venture between Wholesale Operations Mitsui and Marubeni Gas amongst COSMO, Tonen, company Showa-Shell and Sumitomo Corporation
32 Asia Pacific deals practice
Lee-Hoi Doh Gary Murphy Chantanuch Partner, South Korea Partner, Thailand Chotikapanich Director, Thailand Lee-Hoi is an industry leader in Energy and Gary is the Partner-in-charge of the Chantanuch is a Director in the Reources at PwC in South Korea. For the Thailand firm’s Advisory business and Transaction Group based in Bangkok, previous 18 years, Lee-hoi advised various leads the firm’s services relating to Deals Thailand. Prior to relocating to the multi national companies’ Korean business and Performance Improvement. He is a Bangkok office, she worked in PwC's as well as foreign investment of Korean specialist Due Diligence partner and has Transaction Services practice in Boston, companies. been providing such services to Thai Massachusetts. With expertise and experience in Energy & corporates and international buyers in Her experiences in the energy sector Resources, he has successfully advised on Thailand for 15 years. He has worked on includes conducting a number of financial completion of multiple large M&As of Oil, due diligence assignments covering all due diligences on the acquisition of power Gas, Mineral and renewables and state major industry sectors. plants and E&P Oil & Gas companies. One companies. Gary joined PwC in Belfast, UK in 1983 and of her recent engagement was to conduct a Selected deals include: transferred to the Sydney office in 1987. In financial due diligence on an upstream oil • Feasibility study of $200m oil field 1989 he moved to PwC Hong Kong. After 4 company in Thailand holding three investment for KNOC Canadian years in Hong Kong, he moved to the concessions from the Thai Government. subsidiary Harvest Operations Bangkok office in 1993. Corporation; Chantanuch received her Bachelor's degree Gary is a Fellow of the Institute of in Accountancy from Chulalongkorn • Financial advisory of $300m deep sea Chartered Accountants in Ireland. University and an M.B.A. from Babson oil field investment for KNOC College, Massachusetts. She is a Certified subsidiary Ankor; Public Accountant (CPA) in Thailand. • Feasibility study for Troica Fund’s JV investment in Canadian shale oil reserve (Bellatrix); • Valuation service for Samchully of its acquisition of offshore oilfield in Gulf of Mexico; • Financial Due Diligence & Valuation service for Samsung C&T and DSME of its acquisition of oil reserves.
Lee-Hoi Doh Gary Murphy Chantanuch Chotikapanich
Transaction Services Transaction Services Transaction Service
+82 (2) 709-0246 +662 344 1137 +662 344 1423 [email protected] [email protected] chantanuch.chotikapanich@th .pwc.com
Upstream Oil & Gas Thai listed Thai E&P E&P assets We have advised a significant number of local and company subsidiary international upstream deals in South East Asia. We have Financial and tax due experience analysing production sharing contract and Due diligence, closing diligence services on the Financial due diligence and license agreement with respective NOCs. review, and purchase price acquisition of foreign purchase price adjustment adjustment mechanism company holding five Thai mechanism advice Downstream Oil & Gas advice in relation to the concessions regarding its acquisition of a acquisition of a local 50% interest in a Thai E&P We have assisted in transactions involving the vessel subsidiary containing three Company chartering, Oil & Gas marine construction, Petrochemical Thai E&P concessions and LPG bottling companies.
Listed Thai E&P E&P Various O&G major reorganization companies
Advised an E&P major on a Advised on the Thai Advised multiple clients on reorganization of their regulatory framework (PA tax efficient structuring of holdings in multiple E&P and PITA), restructuring farm-in/ farm out assets within Thailand and alternatives and tax agreements, including pre- offshore, including transfer implications of the deal structuring, funding of concessions under PITA proposed reorganization of and unwinding Thai concession holdings
33 Asia Pacific deals practice
Albert Lee Wim Blom Jock O’Callaghan Director, Malaysia Partner, Australia Partner, Australia
Albert is an Executive Director and leads the Wim is the Australian Deals Energy & Jock is a Transaction Services Partner and O&G industry group for Deals Malaysia. He Mining Leader. He has 20 years the firm’s Energy, Utilities and Mining has over 18 years experience of due experience in providing deal advice to Leader in Australia and Asia. He has been diligence, structuring and sell-side advisory, national and international clients and has involved in a wide range of financial due including 2 years at PwC New York. Albert led a significant number of due diligence diligence roles over more than 20 years. holds an MBA from the University of and deal advisory teams in connection with Jock has extensive transactional Chicago Booth School of Business. acquisition, divestment and capital raising experience, including acquisition due transactions, primarily in the oil & gas and diligence, restructuring, takeovers and Selected deals include : mining sectors. IPOs of locally listed companies and • Due diligence for NOC on 6 LPG Selected deals or projects include: multinationals, involving transactions bottling companies in Malaysia, ranging in value from $10 million to $100 Vietnam, Thailand and Philippines; • Due diligence for Hibiscus Petroleum billion. His clients have included Royal on Talisman’s interest in the Kitan Dutch/Shell, ExxonMobil, BG, Rio Tinto • Due diligence on acquisition of 4 oil field; blocks of the coast of Vietnam and and BHPBilliton. Malaysia; • Transaction advice for Dart Energy Selected deals or projects include: regarding its Scheme of Arrangement • Due diligence, structuring, valuation with IGas plc; • Due diligence for a proposed takeover model and accounting advisory on a • Transaction advice for Horizon Oil of a mid-cap upstream producer by an portfolio of large upstream assets in offshore client (confidential); South East Asia; regarding its proposed Scheme of Arrangement with Roc Oil; • Vendor due diligence associated with • Due diligence on acquisition of two • Preparation of the Project Briefing the sale of downstream business by a offshore support vessel (OSV) global energy company (confidential); companies. Memorandum for the $16bn Santos GLNG project; • Vendor due diligence for the proposed sale of a $4bn integrated energy • Pre-audit of project costs for Origin as company (confidential); upstream operator for the $20bn APLNG project; • Due diligence associated with a • Transaction advice for Arrow proposed domestic refinery merger. regarding the Demerger of Dart and Arrow’s $3.4bn takeover by Shell and PetroChina.
Albert Lee Wim Blom Jock O’Callaghan
Transaction Services Transaction Services Transaction Services
+6 03 2173 1082 +61 7 3257 5236 +61 3 8603 6137 [email protected] [email protected] [email protected]
LNG Local EPCC co Local EPCC co Petronas Across many of Australia’s existing or developing LNG projects, we have advised project operators and participants Financial and tax due Financial and tax due Financial due diligence for alike on deal and project related activities, including project diligence on the acquisition diligence on the acquistion Petronas on 6 LPG bottling valuations, due diligence, monetisation of non-core of Seadrill’s rig unit. Deal of 4 oil blocks of the coast of companies in Malaysia, infrastructure, FID deliverable preparation, impact of PRRT value was approximately Vietnam and Malaysia Vietnam, Thailand and and project model reviews. US$2.9bn Philippines
Cross Border Transactions
We have advised local vendors and international buyers in major M&A and off-take transactions, including lead advisory services, advice on transaction structuring, transfer pricing issues, cash flow and valuation modelling and due O&G Support O&G SPAC Petrochemical diligence. Service Financial & tax due Due diligence on a large
diligence, structuring, Petrochemical plant in Due diligence on a company valuation model and Malaysia and Vietnam. providing vessel chartering, accounting advisory on a vessel management services portfolio of large upstream Sell-side advisory on and marine consultancy assets in South East Asia operational carved out of an services to the Oil & Gas integrated Verbund plant industry
34 Asia Pacific deals practice
Paul Hennessy Darren Carton Alex Maycock Partner, Australia Partner, Australia Partner, Australia
Paul is a Partner in PwC’s Deals Business Darren leads PwC’s Perth Transaction Alex is a Partner in the Sydney Office and based in Perth specialising in valuations and Value Advisory business. He has served specialises in the provision of due diligence transactions work in the Oil & Gas sector. clients in our Australia, UK and United services on government asset sale He has over 16 years experience with the States practices having also worked transactions and other sale and restructure firm in Australia and the UK including three extensively in the Melbourne, London and processes in the infrastructure, utilities and years on secondment to the firm’s Energy Chicago offices of PwC. Darren has Oil & Gas sectors, including experience in team in London where he worked on a large significant experience in Oil & Gas Australia and the UK. number of international Oil & Gas services, mining services, industrial Alex recently led PwC’s financial due assignments including the US, continental products and services industry diligence and accounting work on APA’s and Eastern Europe and Africa. transactions. successful US$5 billion acquisition of the Selected deals or projects include: Selected deals or projects include: QCLNG export pipeline. • Valuation of LNG projects and • Vendor due diligence for a global pipe Selected deals or projects include: developments including North West support engineering, design and • Vendor due diligence for a series of Shelf, Bayu Undan, Gorgon, manufacturer; generation asset transactions; Wheatstone, Ichthys, Prelude, APLNG, • Due diligence for a global oil field • Due diligence for the $2.1 billion GLNG, Browse and Sunrise for services logistics company in relation acquisition of bulk storage and transactions, tax and accounting to their acquisitions of a number of distribution assets for a government purposes; Australian based provider s of oilfield client; • Preparation of Independent Expert logistics services including transport, • Vendor due diligence for the $2.3 billion Reports and valuation advice relating to camp services, rig moves etc; sale of the Sydney Desalination Plant; a number of takeovers/proposed • Due diligence for SapuraCrest in takeovers of ASX listed companies relation to their acquisition of Clough’s • Due diligence for a Japanese trading including Adelphi Energy, Amadeus marine construction business; house for the acquisition of a portfolio of Energy, Buru Energy, Otto Energy and utility assets. • Due diligence for Fugro in relation to Mosaic Oil; their acquisition of TSMarine, a • Valuation, modelling and commercial specialist life of field subsea service due diligence for a number of upstream provider; Oil & Gas and oilfield services transactions. • Multiple due diligence assignments for a Northern European PE owned Oil & Gas engineering business in relation to multiple investments in Australia.
Paul Hennessy Darren Carton Alex Maycock
Valuations Transaction Services Transaction Services
+61 8 9238 3327 +61 8 9238 3412 +61 2 8266 3488 [email protected] [email protected] [email protected]
Upstream Acquisitions Landbridge BG QCLNG North West Shelf We have advised on a large number of significant transactions in the upstream sector. Understanding local Lead adviser to Landbridge Advised on commercial and Valuation of Australia’s license commitments, local taxation and royalty Group for its successful taxation arrangements for largest resources project on arrangements, project capital expenditure commitments takeover of WestSide equity and off-take behalf of each of the and infrastructure requirements are key areas of focus in Corporation transactions with CNOOC participants to assess the the region. and Tokyo Gas base value of the project on transition into the Consolidation Petroleum Resource Rent Tax regime Market and oil price volatility has led to a number of consolidation transactions in Australia. We have advised on the public reporting requirements of such transactions as well as optimal corporate and tax structures, proforma Browse LNG Otto Energy APLNG accounting matters and deal value considerations. Project Valuation advice to the Valuation of the APLNG
board of Otto Energy in project on behalf of each of Valuation of an offshore relation to the sale of its the JV participants for the Western Australian pre- interest in the Galoc oil field purposes of assessing the development LNG project in the Philippines starting base value of the for purposes of an indicative project on transition into offer for a proposed bidder the PRRT regime for an interest in the asset
35 Asia Pacific deals practice
Amita Garg Riksen Chris Williams Senior Director, Australia Partner, Australia
Amita is an Oil & Gas Energy Industry Chris leads PwC’s Mergers & Acquisitions Leader based in Australia. She has 18 years (M&A) practice in Brisbane, and PwC’s professional experience in the Energy sector Global M&A Energy & Mining network. across areas of strategic advisory consulting, Chris has been involved in M&A for the last mergers, regulatory review, commercial 16 years, undertaking lead advisory and structuring and negotiations, strategic risk project management roles for a wide range assessment, joint venture financing of transaction types, including disposals, structures and management design. acquisitions, stock exchange flotation's, She is a qualified Barrister and has finance raisings and valuations. delivered new business development Selected deals or projects include: transactions in the Energy, Healthcare & • Lead adviser to Shandong Landbridge Telecoms industries, formulated Energy on their $178m public company policy in emerging and de-regulating takeover of Westside Corporation Ltd; markets and led corporate to host • Lead adviser to Shanxi Donghui on government negotiations for major their $160m public company takeover international oil companies across the US, offer for Inova Resources Limited; Europe, Nigeria, SE Asia and Australia. • Lead adviser to Hunan Non Ferrous Selected deals & projects include: Metals Corp. on the $58million public • Commercial and joint venture company takeover of Abra Mining Ltd; management assurance for a major US • Lead adviser to Mitchell Drilling IOC’s upstream operating assets; Contractors Pty Ltd on the divestment • Commercial due diligence for $6bln of their Australian drilling business to export gas pipeline sale in Queensland; AJ Lucas Group Limited ($150 • Structuring & negotiating commercial million); agreements for gas supply to LNG • Lead adviser to Westside Corporation facilities in West Africa; Ltd on the purchase of coal seam gas • Multi-party negotiations and venture assets from Anglo Coal for $26.8 contract development for fibre optic million and the associated joint installation in PNG; venture arrangement with Mitsui E&P • Exploration investment deal structuring Australia and their $64.4 million between Shell, host government and capital raising. foreign National Oil Companies.
Amita Garg Riksen Chris Williams
Deals Strategy Corporate Finance
+61 7 3257 5381 +61 7 3257 5068 [email protected] [email protected]
Infrastructure assets Dart Energy APA Total A number of large oil & gas projects have sought to monetise non-operational infrastructure, such as LNG Transaction advice for Dart Structuring, due diligence Valuation of interests in a export pipelines. We have advised clients on the risks Energy regarding its and commercial risk advice number of Australian LNG associated with the separation, operation and ownership Scheme of Arrangement to APA on the US$5 billion project developments for these assets covering matters such as off-balance sheet with IGas plc acquisition of the QCLNG Australian corporate tax accounting, tax structuring, valuation and the financial export pipeline and consolidation purposes impacts of complex contractual arrangements. associated throughput tariff arrangements
Indian oil field Hibiscus Ichthys LNG development Petroleum project
Valuation of an interest in a Due diligence advice in Valuation of the upstream proposed oil field connection with the and downstream development in India for acquisition of Talisman’s components and associated the purposes of arbitration interest in the Kitan oil field feed gas contract for project proceedings relating to a in the Timor Sea structuring and tax joint venture dispute purposes
36 PwC Oil & Gas Publications
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