By February 11, 2016 Read More →

Blackstone Energy Partners ventures into offshore oil & gas drilling services

Blackstone Energy Partners partnered with most of former executive management team from Pride International

blackstoneBlackstone Energy Partners today announced that it has formed Clarion Offshore Partners LLC , 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.

“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,” said Michael Ryder, a Senior Managing Director, Blackstone Energy Partners.

“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.”

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 company said in a press release.

The partnership will provide creative financing solutions including growth and restructuring capital to the sector.


Michael Ryder, Senior Managing Director 

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.

“This is an opportune time in the industry for a well-capitalized and experienced team to provide creative financing and operational solutions,” said Raspino.

“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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