Blackstone said it has formed a new platform to provide strategic solutions to the offshore oil and gas services sector.
Clarion Offshore Partners has been formed with a financial commitment from private equity funds managed by the company.
The team will be led by senior executives with experience in the offshore drilling services sector who had operated in basins around the world.
Clarion’s Chairman Louis Raspino, together with partners Greg Looser, Kevin Robert, and Ron Toufeeq, were the majority of the executive management team at Pride International. U
The chairman said: “This is an opportune time in the industry for a well-capitalized and experienced team to provide creative financing and operational solutions.
“Balance sheets are under severe pressure, existing operators are challenged to deploy assets, and related parties throughout the value chain are also facing financial pressures.
“We believe Clarion can be a partner of choice to the industry and we are excited about partnering with Blackstone.”
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