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Woodmac: New kids on North Sea blocks spark new momentum

first_imgA new wave of privately backed oil firms has taken over the North Sea basin by storm spurring record M&A activity over the past few years.Illustration: North Sea oil platform Image by Stan Sheb / Wikimedia; Shared under CC BY-SA 2.5 licenseWood Mackenzie has this week said that equity commitments of $10 billion have helped fuel $12 billion in M&A in the North Sea since 2014. Another $13 billion could be invested in the North Sea, based on disclosed funding.As part of his presentation at this year’s ONS event in Stavanger, Woodmac’s Neivan Boroujerdi, senior research analyst, North Sea upstream, and Greig Aitken, director, M&A research, took a close look at eight of the North Sea’s PE-backed entrants, identifying the strategies, challenges and potential exit routes they could employ.Between the new players, the eight companies examined – Azinor Catalyst, Chrysaor, Neptune Energy, Siccar Point, Vår Energy, Verus Petroleum, Wellesley Petroleum and Zennor Petroleum – will contribute 550,000 barrels of oil equivalent to North Sea production this year.North Sea M&A / Source: Wood MackenzieTwo approachesWood Mackenzie’s research found that, while company strategies vary, North Sea PE-backed companies generally adopt one of two approaches. An “acquire and exploit” approach sees them take on under-capitalized assets and exploit upside, by optimizing production and lowering costs. The “lease and drill” strategy, on the other hand, is largely exploration-focused, targeting appraisal upside and development in a low-cost environment.Boroujerdi said: “Regardless of the chosen strategy, private equity companies eventually need to achieve a successful exit. There are a number of options. Some may choose a secondary private equity or trade sale.”“For larger companies, an IPO is most likely, given the corporate landscape and lack of major buyers. For a successful IPO, companies need have a strong growth story – both volume and value – that will underpin future returns, as well as a clear and differentiated investment thesis, and a proven track record.Upstream industry winning“While private equity-backed companies will invest more than US$10 billion in development capital over the next five years, this needs to increase to meet ambitious growth plans. However, PE-backed firms face the same growth challenges as other companies active in the North Sea: development risk, declining portfolios, and a competitive M&A market.”He added: “Other than relying on increases in oil prices, not every company can win in such an environment. But the upstream industry is certainly winning. The influx of private equity investment has sparked a new momentum in the North Sea, revitalizing assets, extending the life of fields and igniting animal spirits.”last_img read more

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Water polo falls to UCLA

first_imgSenior 2-meter Lachlan Edwards was a key contributor in the Trojans’ 12-11 triple-overtime loss to UCLA on Saturday. Photo by Tucker Judkins | Daily TrojanThe second-ranked men’s water polo team battled it out with No. 4 UCLA through three overtime periods on Saturday. The match in Westwood came down to a penalty shot awarded to UCLA, as the Bruins had the chance to earn the victory in a one-on-one showdown against senior goalie McQuin Baron. Alex Roelse’s skip-shot just sneaked past Baron’s right shoulder, and UCLA clinched a 12-11 victory. A match that ended in heartbreak started out much differently for the Trojans. USC asserted its dominance early, as freshman driver Marko Vavic sent a shot soaring into the back of the goal in the opening minutes of play. Senior utility James Walters followed up with another goal, staking the Trojans an early 2-0 lead.But the Bruins responded quickly. Following the first 2 USC goals, they quickly tied it up before the Trojans could extend their lead. The rest of the second period was a back-and-forth affair, but USC never trailed and eventually managed to take a 5-4 lead into halftime thanks to additional scores from senior driver Lazar Pasuljevic, junior driver Zach D’Sa and senior 2-meter Lachlan Edwards.Coming out of the locker room, senior driver Matteo Morelli sent one sailing past UCLA goalie Alex Wolf on USC’s first possession, padding USC’s advantage to 6-4. However, the Bruins scored 3 unanswered goals — 2 on the power play — to seize a 7-6 lead. The Trojans responded with 2 goals in the final minute of the third quarter before the Bruins converted another man-up opportunity to knot things at 8 goals apiece heading into the final quarter.The scoring slowed down in the fourth: Senior driver Blake Edwards capitalized on a power play to give USC the edge, but UCLA did the same to reestablish the deadlock. In the final three minutes of play, neither team could pull ahead, forcing overtime with the two sides tied at 9-9.After a long scoreless stretch from both teams, Blake Edwards sent a shot flying past Wolf’s outstretched left arm to give the Trojans a late lead in the first overtime period. But USC’s hopes lasted just nine seconds, as the Bruins responded with their own goal. It was 10-10.The Bruins’ reply forced the match into a second overtime, and this time, it was UCLA that scored first. Lachlan Edwards saved the Trojans with a backhanded shot that sailed past Wolf’s fingertips to tie things back up at 11-11 with only 38 seconds left.The match moved into sudden death in the third overtime period. After only a few minutes of play, the Bruins were awarded the decisive penalty shot that sent the Trojans home with a tough 12-11 loss.Despite a disappointing end to the regular season, the Trojans now look forward to the postseason. USC begins play in the MPSF Tournament as the No. 4 seed, and the team will kick off against Penn State Behrend at 10 a.m. on Friday before facing No. 3 Stanford at 3 p.m.last_img read more

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SIS Product Director Paul Witten: Assessing the broadcast and betting scene within racing at #boscon2017

first_img SIS grows Latin American footprint through Betcris deal August 12, 2020 Share Submit Richard FitzGerald steps down as RMG CEO August 6, 2020 StumbleUpon Related Articles SBC Magazine Issue 10: Kaizen Gaming rebrand and focus for William Hill CEO August 25, 2020 Share To mark the start of the Betting on Sports conference, SIS Product Director Paul Witten, part of the ‘After the off – Opportunities in live betting’ racing session at the event, spoke to SBC News about what he’s looking forward to at #boscon2017 and what sports partnership has stood out over the last 12 months.SBC: Why is it important for you to speak at Betting on Sports?PW: Betting on Sports is a fantastic opportunity for SIS to speak with leading industry figures about the current broadcast and betting scene within horseracing and greyhounds.Specifically, the panel ‘After the Off’ will go into depth about the current opportunities and challenges within in-play betting on horse racing. We believe in-play betting will revolutionise the market. It will be fascinating to see how the panel reacts and hear their opinions on the future of the industry.SBC: What are you looking forward to at Betting on Sports?PW: It’ll be great to hear how various leading industry figures see sports betting progressing, in the areas of product, regulation, and technology. SIS operates within various verticals and we’re always looking to offer operators an improved product.We hope to take away new opinions and ideas from the panel sessions and people that we meet, as well as share our long-standing knowledge of the sector and vision for the industry in the coming years.SBC: Where can betting work together more closely with sport?PW: I’d like to see operators, suppliers and sporting bodies come together more on scheduling to improve the round the clock service that punters increasingly desire, mainly by helping grow the number of fixtures at times that suit the casual bettor.SBC: What sports betting partnership has stood out in the past 12 months?PW: It seems this season has been the tipping point for foreign operators to involve themselves with major football shirt sponsorships in the Premier League. It’s great to see that these companies see the value of the UK and its sports offering.It’s also been interesting to see an increased interest in the likes of cricket and rugby union by betting firms. I expect to see this trend continue into the likes of horse racing and greyhounds as operators realise the benefits of incorporating high-quality content onto their platforms.SBC: Describe your perfect sporting eventPW: It would have to be seeing England beat New Zealand in a Rugby World Cup final at a roaring Twickenham. After our struggles a couple of years ago, it would also add to the occasion if we can get our own back on the likes of Australia and Wales on the road to the final.last_img read more

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Lakers finalize Frank Vogel’s coaching staff

first_img Newsroom GuidelinesNews TipsContact UsReport an Error AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREUCLA alum Kenny Clark signs four-year contract extension with PackersThe rest of the staff also boasts ties to people already in the organization. Penberthy is a shooting specialist who comes from New Orleans and has experience working with Davis, Rajon Rondo and DeMarcus Cousins from their time with the Pelicans. Crawford worked for Vogel in Orlando before going to Charlotte last season. The only returner, Simon has notably developed a strong relationship with Kyle Kuzma over the past two seasons.Related Articles Lakers practice early hoping to answer all questions Trail Blazers beat Grizzlies in play-in, earn first-round series with the Lakers Lakers, Clippers schedules set for first round of NBA playoffs The two-and-half month process to outfit the rest of the Lakers’ new coaching staff is complete.The team officially announced the six coaches who will round out the bench for Frank Vogel, who is embarking on his first season with the Lakers this fall. It will include former head coaches Jason Kidd and Lionel Hollins; longtime Cleveland assistant and recent Raptors assistant Phil Handy; former Lakers guard and shooting coach Mike Penberthy; a previous Vogel disciple Quinton Crawford; and returning assistant Miles Simon.While many of the names have been previously reported – Kidd and Hollins have been known since May – the announcement brings a full picture of the minds Vogel will be working with as the Lakers attempt to get back into the playoffs after a six-year absence. The expectations are rising for a team that made a splash with the trade for Anthony Davis, then constructed a veteran-laden roster around the All-Star big man and returning star LeBron James.The coaching room will boast a considerable amount of experience: Notably, Kidd (Nets and Bucks) and Hollins (Grizzlies and Nets) have been head coaches before. Handy has been to each of the past five NBA Finals and won twice, with the Cavaliers in 2016 and with the Raptors in June. Trail Blazers, Grizzlies advance to NBA play-in game; Suns, Spurs see playoff dreams dashed “I could not be more excited about the group we’ve assembled,” Vogel said in a team-issued statement. “Each of these guys brings a unique set of skills and experiences that will greatly impact the success of our players, as we look to build a championship-caliber team.”While his stints in Indiana and Orlando were marked by a defensive emphasis, Vogel has promised a more modern style of offense when the Lakers take the floor next season. The 46-year-old spent the last year studying other teams and styles while preparing for his next coaching job – and the Lakers hope the variety of experience on his staff helps diversify and strengthen a group with championship-level ambitions.The Lakers have also officially announced the additions of Greg St. Jean (player development/advance scout), Dru Anthrop (video coordinator/player development) and Jon Pastorek (assistant video coordinator). How athletes protesting the national anthem has evolved over 17 years last_img read more

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Sampaoli admits Argentina were “emotionally broken” in Croatia defeat

first_img0Shares0000Argentina’s national football team coach Jorge Sampaoli,NIZHNIY NOVGOROD, Russia, June 21 – Argentina coach Jorge Sampaoli admitted his side were “emotionally broken” after conceding the first goal in their 3-0 defeat by Croatia on Thursday, which left their World Cup hopes hanging by a thread.The two-time world champions need to beat Nigeria in their final Group D match on Tuesday and for other results to go their way to have any chance of reaching the last 16, after Willy Caballero’s dreadful error allowed Ante Rebic to send Croatia on their way to victory and into the knockout stage. “I am the one who needs to make the final decisions on these things. The key to our defeat lies with my responsibility,” said Sampaoli.“I had to devise a plan for this match. If I had set things up differently, things might have turned out much better. I don’t think it’s realistic to put the burden on Caballero.“I thought that we were going to put a lot of pressure on Croatia and put a lot of pressure on them in their part of the pitch. But after they scored we were emotionally broken and we didn’t have any footballing arguments to change the course of events.”Sampaoli only took over last year, becoming Argentina’s fourth coach in as many years.They only just qualified for the tournament in Russia, as a Lionel Messi hat-trick sealed victory in their final match of South American qualifying in Ecuador.The Barcelona great has been a peripheral figure so far in Russia though, while his old rival Cristiano Ronaldo has scored four goals in two games for Portugal.But former Chile boss Sampaoli says that Messi’s struggles are more down to the quality of his team-mates.“I think Cristiano is a great player, you can look at all he has achieved for his club and his country,” said the 58-year-old.“Right now we shouldn’t compare these two players. The reality of the Argentina squad clouds Leo’s brilliance. He is limited because the team doesn’t gel with him as it should. We as coaches need to realise these things and try to deal with them and I’m the one that needs to accept it.”Argentina, who are looking to lift the trophy for the first time since the Diego Maradona-inspired glory of 1986, haven’t been knocked out in the group stage since finishing behind England and Sweden in 2002.But even victory over Nigeria may not be enough, especially after two late strikes from Croatia midfielders Luka Modric and Ivan Rakitic left them with a poor goal difference of minus three.“When you don’t have momentum it’s very difficult to move forward. Some of the players didn’t manage to play with my system,” accepted Sampaoli.“I’m very hurt by this defeat, but I probably didn’t set up my team in the right way.“We need to take advantage of this last (group) match, we need to fight for it and hope to get into the next stage.”0Shares0000(Visited 1 times, 1 visits today)last_img read more

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