Oil, gas and offshore services firms resize portfolios across five deals

DNO ASA announced a recommended cash acquisition of Capricorn Energy plc on September 1, 2026, according to a GlobeNewswire release. The move landed in the same window as four other transactions that stretched across offshore services, producing upstream assets, frontier exploration and gas midstream, each buyer taking a different point on the oil and gas asset chain.

Tidewater completed its acquisition of the WSUT fleet, adding 22 platform supply vessels (PSVs), Offshore Engineer reported. Tidewater's chief executive said the WSUT fleet "is an excellent complement to the Tidewater fleet and further expands our leading global market position in OSVs".

Further up the chain, Etu Energias signed a sale and purchase agreement with Chevron to acquire Cabinda Gulf Oil Co.'s participating interest in deepwater Blocks 14 and 14K offshore Angola, Oil & Gas Journal reported. Current gross production from that area is about 42,000 bo/d. The deal moves a producing interest from a major to a privately owned buyer.

ONEOK agreed to acquire Brazos Midstream's natural gas gathering and processing assets for USD 4.425 billion, Oil & Gas Journal reported. The purchase will bring ONEOK's basin processing capacity to about 2.3 bcfd, including infrastructure under construction.

Eni finalized a deal to take a 50% stake and operatorship in Uruguay's OFF-5 offshore exploration block, according to Oil & Gas Journal.

Opposite ends of the asset lifecycle

The transactions set producing barrels beside undrilled acreage. Etu Energias is buying an interest that already yields about 42,000 bo/d gross, while Eni is buying operatorship of an exploration block with no production attached. That contrast marks the two ends of the upstream lifecycle changing hands within the same reporting window.

The midstream deal carries the only disclosed price among the cited transactions, at USD 4.425 billion, against service and upstream agreements whose values were not reported alongside the deals. If ONEOK's added capacity of about 2.3 bcfd fills as the attached infrastructure is completed, the processing position would scale with the gas volumes that upstream gathering feeds it.

Who is exposed

Chevron is the seller shedding a producing offshore interest to a privately owned acquirer. For Etu Energias, the agreement converts cash into current output of about 42,000 bo/d gross, exposure to decline rates and lifting costs that producing fields carry rather than the drilling risk of exploration.

Capricorn Energy plc shareholders are the counterparties in the DNO ASA offer, which is structured as a recommended cash acquisition. A cash structure fixes their proceeds regardless of where commodity prices move after completion.

Eni takes operatorship alongside its 50% stake, which would give it control of the pace and design of any exploration program on the OFF-5 block. If drilling confirms resources, operatorship would position Eni to steer the timeline to development; if it does not, the stake remains an exploration cost without producing offset.

Tidewater sits at the service end of the same cycle. Its 22-vessel addition expands the supply fleet that upstream operators hire to run offshore campaigns, so the buyer's demand depends on whether deals like the Angola producing interest and the Uruguay exploration block translate into offshore activity that keeps PSVs working.