Blackstone (NYSE:BX) today announced that it has formed Clarion Offshore
Partners LLC (“Clarion”), a new platform to provide strategic solutions
to the offshore oil and gas drilling and services sector, with a
financial commitment from private equity funds managed by Blackstone.
Clarion’s investment mandate is broad and flexible, enabling the
partnership to pursue opportunities with a wide array of industry
participants, including offshore drilling companies, shipyards,
financial institutions, investors, and oil & gas operators. The
partnership will provide creative financing solutions including growth
and restructuring capital to the sector.
The Clarion team is led by senior executives with extensive experience
in the offshore drilling services sector and has operated in virtually
every offshore basin in 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.
Under the leadership of Mr. Raspino as Chief Executive Officer, with Mr.
Toufeeq as Chief Operating Officer, Mr. Robert as Chief Commercial
Officer and Head of Business Development, and Mr. Looser as Chief
Administrative Officer and General Counsel, Pride International
restructured its balance sheet, rebuilt its worldwide management team
and infrastructure, and executed asset rationalizations. These efforts
established Pride as a leading international offshore drilling company
with a heavy emphasis on investment in deepwater growth.
Louis Raspino 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.”
Michael Ryder, a Senior Managing Director with Blackstone Energy
Partners, said, “We are very pleased to form this partnership with
Clarion, which brings together our global energy investing experience
and a best in class management team. Louis and the team are uniquely
positioned to contribute deep strategic and operational expertise,
having successfully led Pride and other organizations. We look forward
to working with Clarion and other industry participants in the coming
years.”
About Blackstone Energy Partners and Blackstone
Blackstone Energy Partners is Blackstone's energy-focused private equity
business, with a successful record built on Blackstone's industry
expertise and partnerships with exceptional management teams. Blackstone
has invested over $8 billion of equity globally across a broad range of
sectors within the energy industry.
Blackstone is one of the world’s leading investment firms. We seek to
create positive economic impact and long-term value for our investors,
the companies we invest in, and the communities in which we work. We do
this by using extraordinary people and flexible capital to help
companies solve problems. Our asset management businesses, with over
$330 billion in assets under management, include investment vehicles
focused on private equity, real estate, public debt and equity,
non-investment grade credit, real assets and secondary funds, all on a
global basis. Blackstone also provides various financial advisory
services, including financial and strategic advisory, restructuring and
reorganization advisory and fund placement services. Further information
is available at www.blackstone.com.
Follow Blackstone on Twitter @Blackstone.
About Clarion Offshore Partners
Clarion Offshore Partners is a global investment platform that provides
strategic solutions to the offshore oil & gas drilling industry. With a
broad and flexible mandate, Clarion seeks to provide creative solutions
to a wide spectrum of industry participants including, offshore drilling
companies, shipyards, financial institutions, entrepreneurs, and oil and
gas operators. Clarion is a partnership between Blackstone and former
senior executives of Pride International. Further information is
available at www.clarionoffshore.com.
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