W&T Offshore, Inc. (NYSE: WTI)  announces that it has sold its 40%, non-operated, working interest in South Timbalier 41 field located on the shelf of the Gulf of Mexico for $32.375 million, with an effective date of April 1, 2012 to Energy Partners, Ltd.  The sale of this non-core asset does not alter our previously issued production or expense guidance.

Tracy W. Krohn, Chairman and Chief Executive Officer, stated, "Through the divestiture of this non-core, non-operated property, we continue to enhance our already strong liquidity.  We believe that the sales price makes this an attractive transaction for W&T and further positions us to focus on new opportunities that have greater potential to create shareholder value."

Rowan Companies plc ("Rowan" or the "Company") (NYSE: RDC) will host its 2012 Analyst Day on Wednesday, May 30, 2012 in New York.

The analyst day presentations will begin at 3:00 p.m. Eastern Daylight Time and conclude at 5:30 p.m. Eastern Daylight Time.  The event will be available to the public via a live webcast at http://www.media-server.com/m/p/7a6bu4je.  To listen to the live event and view the corresponding presentations, please go to the website at least 15 minutes early to register, download and install any necessary software.  A replay of the event will be available and can be accessed at the Company's website.

Rowan is a major provider of global offshore contract drilling services with a leading position in high-specification jack-up rigs. The Company's fleet of 31 jack-up rigs is located worldwide, including the Middle East, the North Sea, Trinidad, Southeast Asia and the Gulf of Mexico. Rowan will enter the ultra-deepwater market with three high-specification drillships expected to be delivered starting in late 2013. Rowan's stock is traded on the NYSE under the symbol "RDC". For more information on Rowan, please visit www.rowancompanies.com.

Northern Offshore, Ltd. (Oslo Bors: NOF.OL)has reported a net loss for the three months ended March 31, 2012 of US$14.1 million, or US$0.09 per diluted share, on revenues of US$28.2 million.

The company's directors have declared a dividend of US$0.03 per share, or approximately US$5 million.

The Revolving Credit Facility increased to US$75 million.

The Energy Searcher and Energy Driller commenced new contracts.

Management Comment

Gary W. Casswell, Northern Offshore's president and CEO, commented, "As expected, we incurred a loss during the first quarter due to idle time and costs associated with the preparation of three of our five rigs for previously announced new contracts. With two of the three rigs now on contract, and the third rig anticipated to commence its new contract shortly, we expect improved cash flow for the remainder of the year.  Our board of directors recently approved an increase in our credit line to provide us with financial flexibility as we emerge from this transition period, and the continuation of the dividend program is a testament to our director's confidence in the company's outlook."

First Quarter Analysis

The net loss for the three months ended March 31, 2012 of US$14.1 million, or US$0.09 per diluted share, on revenues of US$28.2 million compares to net income of US$2.4 million, or US$0.02 per diluted share, for the first quarter of 2011, on revenues of US$40.5 million.

Revenues for the three months ending March 31, 2012 were US$12.2 million lower than the same period in 2011, primarily due to lower utilization of the semisubmersible Energy Driller and a decrease in tariff revenues from the floating production facility Northern Producer due to lower production compared to the same period last year.  Partially offsetting these decreases were revenues from higher utilization for the drillship Energy Searcher and the jackup Energy Endeavour as compared to the same period last year.

The tariff from the floating production facility Northern Producer averaged approximately US$96,000 per day in first quarter of 2012.  The company expects pricing levels to remain stable and production to decline slightly in the near term.

Drilling and production expenses for the three months ending March 31, 2012 were US$8.7 million higher compared to the same period in 2011 primarily due to mobilization costs for the jackup Energy Exerter to move from Malta to Rotterdam; anchor chains repair costs for the floating production facility Northern Producer; and costs associated with preparing the fleet for new drilling programs.

Depreciation expense for the three months ended March 31, 2012 was US$1.5 million higher due to higher depreciable basis primarily for the drillship Energy Searcher and semisubmersible Energy Driller, when compared with the same period in 2011.  First quarter 2012 general and administrative expenses, interest income and expense, amortization of financing fees and other financial items were comparable to those of the same period in 2011.

As of May 14, 2012, the company had an outstanding facility balance of US$60.0 million and a cash balance of US$23.1 million.

The company's directors have declared a dividend of US$0.03 per share, or approximately US$5 million.  Shareholders of record with the VPS on May 31, 2012 will be entitled to receive the dividend, which will be paid on or around June 15, 2012.  The shares of the company will be trading ex-dividend from May 29, 2012.

Conference Call Information

Northern Offshore, Ltd. will conduct a teleconference with security analysts at 9 a.m. CT, May 16, 2012 to discuss the company's quarterly results. Individuals wishing to participate in the teleconference should call (866) 713-8567 (in the U.S.) or (617) 597-5326 (outside the U.S.) about five to ten minutes prior to the scheduled start time and refer to participant password 37307107.

The conference call also will be accessible by logging on to the company's website at http://www.northernoffshorelimited.com.  After logging on, go to "Investor Relations" and select the conference call webcast.

 Platts – The Eastern Mediterranean could become a major player in global natural gas production, but conflicts over resource ownership still pose a challenge to development, the foreign minister of Cyprus said in an interview Sunday on the all-energy news and talk program Platts Energy Week (http://www.plattsenergyweektv.com/). All video available at the afore-mentioned link.

Offshore drilling company Noble Energy in December announced the discovery of roughly 7 trillion cubic feet (tcf) of natural gas offshore Cyprus. In the Eastern Mediterranean as a whole, the company has discovered an estimated 35 tcf of gas reserves.

Cyprus foreign minister Erato Kozakou-Marcoullis touted estimates of massive gas reserves offshore the island nation, saying that energy could feed other European Union (EU) countries, which are hungry for stable energy supplies.

"There is much need for energy security and energy supply for the European union especially from a member state of the European Union," Kozakou-Marcoullis said.

"Potentially this whole area of the Eastern Mediterranean could be the most secure supply of natural gas for the European Union."

Cyprus would likely build liquefied natural gas facilities to export the gas to Europe, she said.

Cyprus has signed agreements with Lebanon, Israel and Egypt governing gas exploration in the area, which Kozakou-Marcoullis said is critical to moving forward with production in the region.

However, Turkey's decision two weeks ago to begin drilling for gas reserves onshore in the portion of the island it controls have escalated tensions over energy exploration there.

"This is totally in violation of international law," Kozakou-Marcoullis said.

The Turkish state oil company, TPAO, is drilling on Cyprus under an agreement signed last year between Turkey and the Turkish Republic of North Cyprus (TRNC), allowing TPAO to prospect for and extract hydrocarbons in TRNC territory and in waters around the island.

The agreement followed Turkish protests over the decision by the Republic of Cyprus to allow Noble Energy to start drilling in Block 12 of its exclusive economic zone before a reunification settlement.

United Nations-backed talks between the two halves of the island have been going on for years without conclusion and now appear stalled and a settlement is now seen as highly unlikely before Cyprus takes over the EU presidency in July, the announced target date for an agreement.

In the meantime, Cyprus plans to continue with its plans to expand gas development, with the second round of offshore lease bids ending on May 11, Kozakou-Marcoullis said.

In a program segment entitled, “World’s Biggest Battery…For Power Providers?” Chris Shelton, president of AES Energy Storage talked about the increasing industry attention on batteries for non-traditional energy storage needs and how his company is embracing the idea.

As to energy regulation, Platts’ London-based EU energy policy editors Paul Whitehead and Siobhan Hall reported on the latest EU developments in energy commodities oversight with an eye to U.S. and global implications.

PLS Inc. ("PLS") in conjunction with its international partner, Derrick Petroleum Services ("Derrick"), reports that global M&A activity for the First Quarter 2012 slowed to $35.3 billion in 171 separate transactions. This compares to $47.6 billion in 208 deals in Q4 2011 and $42.3 billion in 199 deals in Q1 2011. According to Ronyld Wise, President of PLS Inc., "The number of deals slowed this quarter reversing a recent five-quarter trend of about 200 deals per quarter. We attribute the slowdown in deal activity primarily to continued weakness in North American natural gas prices that continue to test 10-year lows. That said, both PLS and Derrick think the record high oil to gas price ratio of over 50 to 1 makes for an extraordinary deal making environment in the coming months.  On the gas side, well-capitalized contrarian buyers like private equity, overseas interests and MLPs are searching for high-quality gas assets in anticipation of a rebound in North America gas prices.  On the oil side, we expect oil-leveraged resource players with strong cash flows continue to consolidate core areas and expand opportunities."

Global -- 1st Quarter 2012 E&P Mergers and Acquisitions

Globally, North America led the world in oil and gas transactions (see Table 1) with total deal volume of $27.8 billion or ~80% of transactions by dollar volume. This is up from the prior-three-quarter average of 64%.  The United States accounted for 69 deals or 40% of deal count and 51% of deal value. Canada was a standout this quarter where Canadian natural gas developments with export potential are especially attractive to Asian buyers. In this quarter, Canada accounted for 57 deals or 33% of deal count and 27% of deal value.  Canada's 27% share of global deal value is up from a prior-three-quarter average of about 10% to 12%.  Canada's largest deal this quarter, Mitsubishi's $2.9 billion joint venture with Encana in northeast British Columbia, is an example of the interest of Asian buyers.

According to Yashodeep Deodhar, Managing Partner of Derrick Petroleum Services, "Outside of North America, the highlight of the quarter is the acquisition of London-based Cove Energy with strong assets in the exciting East Africa region including offshore Mozambique and Kenya. The board of Cove just accepted an upward revised cash offer of $1.8 billion from Shell which matched Thailand's NOC PTT Exploration and Production's existing offer. The accepted offer represents a 96% premium to the share price just prior to Cove's early January announcement to initiate a sales process. The transaction is indicative of East Africa's offshore basin emergence as a world class area on the global exploration map."

Regionally, in terms of deal value this quarter, North America ($27.8 billion) was followed by Africa ($2.2 billion), Asia ($1.6 billion), Europe ($1.4 billion) and South America ($1.0 billion). By commodity type, oil accounted for $9.4 billion of transaction value, or 27% of deal value during the quarter, while natural gas-oriented transactions remained steady at $14.2 billion or 40% of deal value.  Deals that involved a mixed-commodity base generated $10.2 billion (29%) in deal value while transactions related to oil sands were $1.3 billion (4%) during the quarter.

Nine deals topped $1 billion globally during the quarter – five in the United States, two in Canada, one in Mozambique and one in Vietnam (see Table 2).

The pace of deals greater than $1 billion is on trend with 2011 and conventional deals continue to outpace unconventional deals, accounting 67% of deal volume in Q1 2012 (see Table 3).

United States -- 1^st Quarter 2012 E&P Mergers and Acquisitions 

In the United States, recorded deal activity in Q1 2012 fell 29% to 69 transactions compared to 97 in Q4 2011.  Ironically deal value also fell 29% to $18.1 billion versus $25.4 billion in Q4 2011 (see Table 4). The largest deal for this quarter, in the United States and globally, was the $7.15 billion sale of El Paso's E&P business by Kinder Morgan to a consortium led by private equity backed Apollo Global Management. Other top U.S. deals were Apache's acquisition of Cordillera ($2.85 billion), Sinopec's JV across five unconventional plays with Devon Energy ($2.2 billion), SandRidge Energy's acquisition of Dynamic ($1.3 billion) and Linn Energy's acquisition of BP's Hugoton gas field assets ($1.2 billion) (see Table 2).

Looking at U.S. transactions by deal type, corporate acquisitions accounted 62% of deal value this quarter, the highest share since Q3 2011 (see Table 5).

Looking Forward 

Currently, the deal market remains supplied with a healthy inventory of assets, acreage and companies for sale totaling by PLS and Derrick analysis to be about $88 billion globally. Table 6 below shows recent deals put on the market in Q1 2012 greater than $1 billion.

In North America, we expect deal making to continue to be driven by companies building liquidity to rebalance portfolios towards oil and liquids. This includes the sale of developed gas properties plus a strong demand on the buy-side for oil-weighted properties. Also, the industry is still maintaining an oversupply of acreage packages on the market especially in areas such as the Niobrara which has not yet fully proven to meet operator expectations.  On the gas side, PLS sees a window where buyers who have a longer-term view can enter the market to secure natural gas assets at reasonable prices once "motivated sellers" get comfortable. Rolling hedges that come off this year should also push some properties to market. Current buyers include Asian companies, private equity firms and MLPs. We certainly would not be surprised to see larger, well-capitalized U.S. companies look to the M&A markets to expand their domestic resource base for both oil and gas.

Internationally, we expect M&A activity to follow strong exploration success in areas like East Africa, West Africa and South America. Also, on the technology front, we expect international interests to continue to tap the M&A markets to partner with experienced operators to transfer learnings for opportunities both in and outside of the United States.

Thus far in Q2 2012, global M&A activity has surpassed the $5 billion mark.

PLS Inc. and Derrick Petroleum Services are partners in providing U.S., Canadian and International clients leading Global and U.S. M&A and E&P databases and services. These databases are maintained 24/7 by a team of analysts and are accessible via the web.

Aker Solutions' operating revenues in the first quarter of 2012 were NOK 9.8 billion, a 15.7 per cent increase from the first quarter of 2011. Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to NOK 1 002 million with a margin of 10.2 per cent. The positive trend has continued into the second quarter through key strategic events and signing of several important contracts.

Order intake in the quarter was NOK 11 307 million, bringing the order backlog to NOK 42.9 billion at the end of march 2012, up from 40.4 billion twelve months earlier.

"Our performance in the fourth quarter showed that we are on the right track. With a 15.7 per cent year-on-year increase in first quarter revenues and continuous growth in profit margins, it is encouraging to see that we are continuing along this track," says Øyvind Eriksen, executive chairman in Aker Solutions.

"The start of the second quarter has also been inspiring. We have signed a number of new contracts and we have confirmed significant investments in new capacity," Eriksen adds.

The biggest contract signed in the second quarter is the NOK 11 billion contract to provide Cat B well intervention services to Statoil on the Norwegian continental shelf.

Investments in new capacity includes a new umbilical manufacturing plant in Malaysia and added capacity at the company's subsea manufacturing sites in Norway and Malaysia. The total value of these is estimated at NOK 850 million.

"All these elements will be key contributors towards meeting our growth targets for the group as a whole of 9-15 per cent on average per year from 2011 to 2015," says Øyvind Eriksen.

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TETRA Technologies, Inc. (TETRA or the Company) (NYSE: TTI)  has announced first quarter 2012 net income from continuing operations attributable to TETRA stockholders of $0.01 per fully diluted share compared to a loss of $(0.03) per fully diluted share reported in the first quarter of 2011. Such results for the first quarter of 2012 include a net pretax special credit of $2.8 million in our service businesses and a pretax loss by the Maritech segment of $(2.1) million that aggregate to approximately $0.01 of net income per share after tax, compared to a pretax loss associated with the Maritech segment of $(4.2) million, or approximately $0.03 per share after tax, in the first quarter of 2011.

Consolidated revenues for the quarter ended March 31, 2012 were $180.8 million versus $222.5 million in the first quarter of 2011. Total gross profit was $32.4 million in the first quarter of 2012 versus $26.4 million in the first quarter of 2011. Income before discontinued operations was $1.1 million in the first quarter of 2012 versus a loss of $(2.5) million in the comparable period of 2011. Net income (loss) attributable to TETRA stockholders was $0.7 million in 2012's first quarter versus $(2.5) million in 2011's first quarter. The foregoing results include the impact of the Maritech segment. As discussed below, management believes that it is helpful to an understanding of the Company's business going forward to present financial results excluding the impact of Maritech. Such results, reconciled to the nearest GAAP financial measures, are included at the end of this press release.

Consolidated results per share from continuing operations attributable to TETRA stockholders for the first quarter of 2012 were net income of $0.01 with 78.3 million weighted average diluted common shares outstanding versus a loss of $(0.03) with 76.3 million weighted average diluted common shares outstanding in the first quarter of 2011. As of March 31, 2012, long-term debt was $305.0 million and cash was $121.4 million.

Divisional pretax earnings (loss) from continuing operations in the first quarter of 2012 versus the first quarter of 2011 were: Fluids Division – $11.5 million in 1Q 2012 and $7.2 million in 1Q 2011; Production Testing – $5.7 million in 1Q 2012 and $9.1 million in 1Q 2011; Compressco – $3.5 million in 1Q 2012 and $4.0 million in 1Q 2011; Offshore Services – a loss of $(1.0) million in 1Q 2012 and a loss of $(4.4) million in 1Q 2011; and, Maritech – a loss of $(2.1) million in 1Q 2012 and a loss of $(4.5) million in 1Q 2011.

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W&T Offshore, Inc. (NYSE: WTI)  announces financial and operational results for the first quarter of 2012.  Some of the highlights include:

For the first quarter, production volumes averaged 49,226 barrels of oil equivalent per day, or 295.4 MMcfe gas equivalent per day, representing a 17% increase over the same quarter in 2011.  Production volumes were split 47% oil and natural gas liquids ("NGLs") and 53% natural gas.  Our average realized sales price for oil was $110.39 per barrel and $48.51 per barrel for NGLs.

During the first quarter, we completed 18 wells, all of which were successful and all were in the Permian Basin.  Nine of the wells were exploration wells and nine were development wells.

Revenues increased from the corresponding quarter in 2011 by $25.0 million to $235.9 million for the first quarter on higher realized oil prices and increased production volumes for all of our products.  Oil and NGLs revenues represented 83% of total revenues, up from 76% in the first quarter of 2011.

For the quarter, net income was $3.2 million and earnings per share were $0.04.  Excluding special items described below, net income was $30.6 million and earnings per share was $0.40 per share.

Adjusted EBITDA for the quarter was $146.5 million, up 10% from the first quarter of 2011.  Our Adjusted EBITDA margin was 62%, in line with the 63% of the prior year quarter.  Net cash provided by operating activities for the quarter increased $55.4 million to $128.2 million and was used to fund all capital expenditures and dividends ($85.1 million and $5.9 million, respectively) as well as reduce our long-term debt by $33.0 million.

After the end of the quarter, on May 7, 2012, we closed on an amendment of our bank credit facility that added additional banks to the existing bank group and increased the borrowing base from $575.0 million to $650.0 million.

Tracy W. Krohn, Chairman and Chief Executive Officer, stated, "Due to our substantial production of oil,  for which we receive a premium in the Gulf of Mexico, and natural gas liquids in the first quarter, our net cash provided by operating activities grew by 76% to $128.2 million, compared to the first quarter last year.  This strong cash generating capability combined with a largely undrawn and, as of yesterday, even larger, revolving bank credit facility provides W&T with the capital to pursue a balanced growth plan consisting of acquisitions and drilling opportunities. In addition to the active acquisition environment we currently see, we have attractive oil focused drilling projects planned for this year, including several in the Gulf of Mexico that will benefit from premium oil pricing.  While almost half of our production is already from oil and NGLs, we expect that percentage to continue to grow as these drilling projects are brought on production.  Like most operators, we are negatively impacted by lower natural gas prices, but a vast majority of our natural gas production is accompanied by NGLs that boost the profitability of those fields."

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The oil and gas team in the Barclays Corporate Banking division announced on Monday it has been involved in deals providing funding for acquisitions and exploration and production (E&P) amounting to almost US$355million in the first quarter of this year.

The facilities have been provided for companies working in the North Sea and in the Americas, and include a range of reserve based lending for E&P activities in the United Kingdom Continental Shelf, the purchase of assets, letters of credit and corporate working capital funding.

In addition the oil and gas team, which has bases in Aberdeen and London, confirmed a number of proposed facilities are with a wide range of US companies for approval.

The activity appears to reflect a marked upsurge in confidence among operators and service companies, Walter Cumming, Head of Oil and Gas, Corporate Banking, Barclays, said.

He continued: “The first quarter of this year has been extremely busy across the industry and, comparatively, far busier than the same period in 2011. We are now getting a much clearer feeling that the caution, which appeared to have been holding companies back from spending, has not entirely gone but has certainly lessened.

“There is liquidity in this sector and the stable commodity price is motivating the increase in deal-making and activity, buoyed by what is effectively a backlog of work held over from last year.

“If this trend continues then the rest of the year is certainly looking very promising, coupled with the UK chancellor’s recent Budget commitment to support continued investment in the North Sea with additional field allowances and to provide clarity around tax relief for decommissioning.

“The North Sea provides significant opportunities for investment and will continue to do so for a long time to come.”

Northern Offshore, Ltd. (Oslo Bors: NOF.OL) has announced that the company has amended its existing Revolving Credit Facility from US$50 million to US$75 million. The facility is provided by Metrogas Holdings, Inc., an affiliate of the company's largest shareholder, Geveran Trading Co. Limited. The amended facility will be used for general working capital needs in conjunction with the start up of the previously announced new contracts for the Energy Searcher, Energy Driller and Energy Enhancer.

Northern Offshore, Ltd. is a Bermuda holding company which operates offshore oil and gas drilling units and one production vessel in various markets around the world, including the North Sea, the Indian Ocean, the Mediterranean Sea and Southeast Asia. The company's fleet consists of five drilling units (a drillship, a semisubmersible and three jackup drilling rigs) and one floating production facility.