LLOG Exploration Offshore eyes sale, valued at over $3b

Gerald Boelte, who founded LLOG in 1977, passed away last year, and his family remains the controlling owner. Any deal would include provisions to cement his legacy, such as commitments by any buyer to retain the LLOG name and keep its Covington headquarters and company staff, the sources added.

No transaction is guaranteed, said the sources, who spoke on condition of anonymity to discuss private deliberations.