Private equity firms Riverstone Holdings and the Carlyle Group have committed USD450m for investment in Dynamic Offshore Resources, a new Houston-based oil and gas company that will focus
Private equity firms Riverstone Holdings and the Carlyle Group have committed USD450m for investment in Dynamic Offshore Resources, a new Houston-based oil and gas company that will focus on acquiring and developing producing properties in the Gulf of Mexico. The firm’s founders and management team have committed up to a further USD50m.
Dynamic Offshore Resources will focus on Gulf of Mexico assets, which are often viewed as out of favour or neglected, but which the partners say still have viable and attractive growth and profit opportunities.
‘With the major oil companies, large independents and other public companies exiting the Gulf of Mexico shelf, market conditions are very favourable for a well-funded and experienced management team like the one we are building at Dynamic Offshore Resources,’ says Matt McCarroll, chief executive and co-founder of the company. ‘Riverstone Holdings is one of the most respected private equity firms in the energy industry, and we are excited to have them as our partners in this endeavour.’
McCarroll was previously president of Maritech Resources, an exploitation and production company focused on the Gulf of Mexico. He previously founded and sold Augusta Petroleum Partners, which also focused on the Gulf Coast region.
‘Matt is a proven operator in the Gulf of Mexico region,’ says John Lancaster, a managing director at Riverstone Holdings. ‘His leadership and operating capabilities and a significant commitment of private capital represent a compelling combination for generating attractive returns in a region that has been de-emphasised by many public operators.’
Dynamic Offshore Resources’ co-founder is Mike Moreno, also chairman and chief executive of Lafayette, Louisiana-based oilfield services company Moreno Group, which itself received a significant equity investment from Riverstone Holdings and the Carlyle Group last year.
The management team at Dynamic Offshore Resources also includes senior vice-president John Y. Jo, who was previously president and chief operating officer at Turnkey E&P Corporation.
Riverstone Holdings, is a New York-based private equity firm founded in 2000 that focuses on the energy and power industries, conducting buyout and growth capital investments in the midstream, upstream, power, oilfield services and renewable sectors. To date, the firm has committed more than USD6bn to more than 41 investments in companies with nearly USD50bn in assets.
