02092016Tue
Last updateTue, 09 Feb 2016 3pm

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GE Oil & Gas and Diamond Offshore Enter Landmark Service Agreement

GE Oil & Gas and Diamond Offshore Drilling, Inc. announced the offshore drilling industry’s first-of-its-kind contractual service agreement that transfers full accountability for BOP performance to GE Oil & Gas. Under this model, Diamond Offshore will compensate GE Oil & Gas only when the BOP is available.

The 10-year collaborative arrangement will include GE purchasing the BOP systems aboard Diamond Offshore’s four drillships, currently located in the U.S. Gulf of Mexico, for a total of $210 million. 


Watson Valve Announces Watson Valve Services, Australia

Watson Valve Services Inc. announces Watson Valve Services, Australia. Watson Valve will now have the ability to support the supply of its severe service valve products to non-U.S. domestic sites from its Australian based service agent, Process Plants International (PPi) under the name, Watson Valve Services, Australia.

Watson Valve Services’ Houston Headquarters will support PPi with access to continued engineering, technical and laboratory support. 

Velan Makes Changes to Management Team

Velan recently announced that Executive Vice-President (EVP) Ivan Velan has decided to reduce his work scope, but will remain with the company as Special Advisor to the President, Yves Leduc. Ivan will lead key projects and continue to support the management team.

Martin Allen joined Velan’s management team on February 1 as EVP Manufacturing Operations and Global Supply Chain; Rob Velan is the new VP Customer Services and Distribution; Dan Velan becomes VP Marketing and Product Strategy; Wolfgang Maar is now EVP Global Sales and International Operations; and finally, Shane Velan is the new Director, Strategic Planning and Information Technology. 

Mueller Water Products Reports 2016 First Quarter Results

Mueller Water Products, Inc. announced that for its fiscal first quarter ended December 31, 2015, net sales were $242.7 million compared with $261.8 million in the prior year period. Operating income was $14.9 million compared with $8.1 million in the prior year period, and adjusted operating income was $15.7 million compared with $16.3 million in the prior year period. Net income was $6.2 million, or $0.04 per diluted share, compared with a net loss of $20.2 million, or $0.13 per diluted share, in the prior year period. Adjusted net income increased to $6.7 million, or $0.04 per diluted share, from $4.5 million, or $0.03 per diluted share, in the prior year period. 

Pentair Reports Fourth Quarter 2015 Results

Pentair Valves & Controls delivered fourth quarter 2015 sales of $474 million, down 22% versus the prior year quarter. Core sales declined 15% year over year for the fourth quarter and FX translation was a negative 7%. Backlog, including the impact of currency translation, declined 4% to $1.1 billion compared to third quarter 2015.

The segment delivered fourth quarter segment income of $48 million, down 59% compared to $116 million in the same quarter last year. Fourth quarter 2015 segment margins decreased 900 basis points to 10.0%. 

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