M&A Deal Summary

CPE Capital, Castle Harlan and Lime Rock Partners Acquire Shelf Drilling

On November 30, 2012, private equity firms CPE Capital, Castle Harlan and Lime Rock Partners acquired oil/gas exploration company Shelf Drilling from Transocean for 1.1B USD

Acquisition Highlights
  • This is CPE Capital’s 1st, Castle Harlan’s 1st and Lime Rock Partners’ 28th transaction in the Oil/Gas Exploration sector.
  • This is CPE Capital’s , Castle Harlan’s and Lime Rock Partners’ largest (disclosed) transaction.
  • This is CPE Capital’s 1st, Castle Harlan’s 1st and Lime Rock Partners’ 6th transaction in United Arab Emirates.
Investment Fate
  • Shelf Drilling went public in 2018.

M&A Deal Summary
Date 2012-11-30
Target Shelf Drilling
Sector Oil/Gas Exploration
Buyer(s) CPE Capital
Castle Harlan
Lime Rock Partners
Sellers(s) Transocean
Deal Type Divestiture
Deal Value 1.1B USD

Target

Shelf Drilling

Dubai, United Arab Emirates
Shelf Drilling is an offshore jack-up rig operator engaged in the drilling and completion of offshore oil and gas wells. Shelf Drilling conducts drilling operations in Southeast Asia, the Middle East, India, West Africa, and North Africa / Mediterranean markets with a fleet of 37 independent-leg cantilever jack-up rigs and one swamp barge. Shelf Drilling was founded in 2012 and is based in UAE.

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Buyer(S) 3

Buyer

CPE Capital

Sydney, Australia

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 3.8B USD
Size Large
Type Sector Agnostic
DESCRIPTION

CHAMP Private Equity is an Australian private equity firm focused on seed, expansion stage, and buyout investments across a range of industry sectors. CHAMP's buyout practice looks for businesses valued A$100 million and A$750 million, requiring at least A$30 million in equity capital. The Firm primarily looks for businesses operating in Australia and New Zealand. CHAMP is affiliated with New York based private equity firm Castle Harlan. CHAMP Private Equity was formed in 2000 and is based in Sydney.

DEAL STATS #
Overall 22 of 35
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 2 of 3
Country (United Arab Emirates) 1 of 1
Year (2012) 2 of 2
Size (of disclosed) 1 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-13 Blue Star Group Australia Pty

Homebush, Australia

Blue Star Group Australia Pty Ltd. is a Trans-Tasman communications group, providing sheetfed, digital and web printing, print management, direct mail, and national logistics operations. Blue Star was established in 1991 and is based in Homebush, Australia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-01-12 Centric Capital

Sydney, Australia

Centric Capital is a provider of wealth advisory and accounting services to clients who may access Centric Wealth through offices located in Sydney, Melbourne, Brisbane, Canberra. Centric Capital is based in Sydney, Australia.

Sell AU$130M
Buyer

Castle Harlan

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1987
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Castle Harlan is a large private equity firm that targets private company investments in the US and Australia. Castle Harlan targets businesses in a wide range of industries that include, packaging, industrial services, manufacturing, restaurants, business services, distribution, publishing, and transportation. Castle Harlan can provide both equity and mezzanine capital. The Firm is affiliated with Australian private equity firm CHAMP Private Equity, and together formed CHAMP - Castle Harlan Australian Mezzanine Partners. Castle Harlan was formed in 1987 and is based in New York City.

DEAL STATS #
Overall 41 of 48
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 5 of 7
Country (United Arab Emirates) 1 of 1
Year (2012) 1 of 1
Size (of disclosed) 1 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-04-24 Polypipe Group

Doncaster, United Kingdom

Polypipe Group is a manufactures and sells pressure-rated high density polyethylene pipes. The company's products are used in natural gas distribution, oil and gas gathering, municipal water and waste water, industrial and mining, nuclear power, landfill, and irrigation markets. Polypipe Group was founded in 1980 and is based in Doncaster, the United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-07 IDQ Operating

Garland, Texas, United States

IDQ Operating, Inc. is a manufacturer of automotive A/C products for the “do-it-yourselfer” and professional service technician. IDQ offers a broad product line that includes value-added R-134a refrigerants to A/C tools and accessories, from one-step recharging and stop leak products to leak detection and lubricants.

Sell $305M
Buyer

Lime Rock Partners

Westport, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 10.4B USD
Size Mega
Type Sector Focused
DESCRIPTION

Lime Rock Partners is a private investment firm focused on growth capital investments in the energy industry. Specifically, Lime Rock looks for companies engaged in exploration & production, energy service, and oil service technology in North America and Europe. Lime Rock's target investment size is $50 to $150 million in businesses valued up to $500 million. Lime Rock Partners was formed in 1998 and is affiliated with Lime Rock Resources. Lime Rock Partners has offices in Westport, Connecticut; Aberdeen, Scotland; and Houston, Texas.

DEAL STATS #
Overall 70 of 92
Sector (Oil/Gas Exploration) 28 of 40
Type (Divestiture) 1 of 1
Country (United Arab Emirates) 6 of 6
Year (2012) 4 of 5
Size (of disclosed) 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-02 Lafeyette Workboat Holdings

Broussard, Louisiana, United States

Lafayette Workboat Holdings provides marine transportation services to the oil and gas and other sectors in the Gulf of Mexico, Gulf Intracoastal Waterway, and lower Mississippi River markets. Lafayette provides workboats for the oil and gas industry and towboats to transport barges and other equipment for a variety of sectors. Lafeyette Workboat Holdings is based in Broussard, Louisiana.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-12-01 T.A.W.

Alma, Arkansas, United States

T.A.W. Services Holdings provides a variety of environmental and construction services, equipment, and personnel to oil and gas producers. T.A.W. was founded in 1967 and is based in Alma, Arkansas.

Sell -

Seller(S) 1

SELLER

Transocean

Steinhausen, Switzerland
Category Company
Founded 1926
Sector Oil/Gas Exploration
Employees5,430
Revenue 2.8B USD (2023)
DESCRIPTION

Transocean is a provider of offshore contract drilling services for energy companies, owning and operating among versatile fleets with a particular focus on deepwater and harsh-environment drilling. Transocean was founded in 1926 and is based in Steinhausen, Switzerland.

DEAL STATS #
Overall 1 of 1
Sector (Oil/Gas Exploration) 1 of 1
Type (Divestiture) 1 of 1
Country (United Arab Emirates) 1 of 1
Year (2012) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-15 Aker Drilling ASA

Stavanger, Norway

Aker Drilling ASA is an offshore drilling contractor. Aker owns and operates offshore drilling rigs in Norway.

Buy $1.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-08-01 Transocean Partners

London, United Kingdom

Transocean Partners LLC own, operate and acquire modern, technologically advanced offshore drilling rigs. Transocean Partners' assets consist of 51 percent interests in subsidiary companies that own and operate three ultra-deepwater drilling rigs.

Buy -
Mergr

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