Arcapita has turned around its $200 million purchase of Roxar (OITJ Feb 06) with an agreed $380 million sale to Norwegian flow assurance specialists Corrocean. The deal brings together Corrocean’s subsea corrosion and sand monitoring technology with Roxar’s multiphase and wetgas metering. Financing for the acquisition is through a new shares issue—most of which has been pre-subscribed—and a NOK 1,1000 million loan from DnB NOR and Fokus Bank. A Prospectus has been issued for the unsubscribed share capital.
The acquisition accentuates the division between Roxar’s high-end subsea metering and its software arm. Corrocean’s prospectus claims a 50% market share for Roxar’s Irap RMS 3D reservoir and geological modeling package—the ‘product of choice’ for customers with large and challenging reservoirs.
Last year we speculated on a possible split of Roxar’s two somewhat disparate businesses. The Prospectus states that ‘Roxar’s software division is well positioned for further growth and for realization of the full value potential.’ The deal is expected to close in July.
© Oil IT Journal - all rights reserved.