Smedvig acquires Petresim Integrated Technologies (June 1997)

Those acquisitive Norwegians have been busy spending their PetroKroners again. Smedvig's Managing Director Torkell Gjerstad, announced that Smedvig Technologies acquired Petresim Integrated Technologies, Inc. of Houston, Texas.

Petresim is a leading engineering consultancy and reservoir management service company in the oil and gas industry. Petresim's services include full field development and reservoir optimization, reserves / audits and asset evaluation of oil and gas properties, and acting as independent technical experts in the development of oil and gas fields. Petresim is currently engaged in a number of projects around the world, many of these are in Latin America. Dr. Ab Abdalla, President of Petresim, believes that combining the know-how and software technology of the two entities will create "a new, technologically stronger and independent force in the area of field development and reservoir optimization, for the benefit of industry". Smedvig Technologies is an international oil field services company providing integrated field development and reservoir optimization services, and specializing in uncertainty analysis in reservoir modeling to quantify the associated risk with any proposed development. It provides cost effective solutions to clients, optimizing the development and improving recovery from their oil and gas fields. Smedvig Technologies is also a leader in reservoir management technology, providing permanent down-hole monitoring and production control systems. Smedvig Technologies' software products include the market-leading geological and stochastic modeling products for reservoir characterization, IRAP RMS and STORM, and a suite of other software for drilling optimization, advanced well design, and reservoir simulation. Ivor Ellul, President of Smedvig Technologies, Inc. in Houston, says "the merger of the two companies will provide the foundation and be the spearhead for offering comprehensive field development and reservoir optimization services to our clients in North America and Latin America." This acquisition follows on the heel's of Smedvig's purchase of Scientific Software Intercomp of Denver, featured in last October's PDM.

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