Finance/Companies news briefs, Jan. 4

Jan. 4, 2002
Cal Dive International ... Canyon Offshore ... Naftex Energy ... Coplex Petroleo do Brasil ... Marathon Oil ... CMS Energy ... Trans-Orient Petroleum ... Indo-Pacific Energy ... Nabors Industries ... Tartan Energy ... Albatross Oil & Gas

Cal Dive International Inc. completed the previously announced acquisition of Canyon Offshore Inc.

Naftex Energy Corp. and its wholly owned subsidiary Coplex Petroleo do Brasil Ltda. entered financing agreements to fund their share of the cost of the exploration of the BS-3 license and the development of the Coral and Estrela do Mar fields in the Santos Basin off Southern Brazil, in which Coplex Brazil has a 27.5% participating interest.

Marathon Oil Co. completed the previously announced $1 billion acquisition of all CMS Energy Corp.'s interests in Equatorial Guinea, including oil and gas reserves and a stake in the Atlantic Methanol Production Co.

Trans-Orient Petroleum Ltd. agreed to terminate gross overriding royalties of 1%-5% on certain properties held by New Zealand company Indo-Pacific Energy Ltd. In return, Indo-Pacific will extend the existing warrants entitling Trans-Orient to acquire an additional 836,845 shares of the company.

Drilling rig company Nabors Industries Inc., Houston, plans to reorganize itself into a Bermuda corporation. Nabors is now incorporated in Delaware. Under the plan, Nabors Industries Ltd., a newly-formed Bermuda entity, would become the parent holding company of Nabors Industries Inc. Nabors shareholders must approve the change, which would be complete by the end of the first quarter.

Canadian company Tartan Energy Inc. and Albatross Oil & Gas Co. Inc. completed their merger. The company will be called Tartan Energy Inc.