Done deals

Avatar Systems, Aker, Divestco, IHS, DNV, Jardine Fugro, Geokinetics, Avista and TGS-Nopec

Avatar Systems has completed its acquisition of Questa Software Systems, Inc. in a $2.2 million cash and paper deal. The acquisition adds 256 oil and gas companies to Avatar’s current customer base of 360 companies and will be immediately accretive to fiscal 2006 earnings. It is expected to increase Avatar’s Earnings per Share 300% to 400% over the next 12 months. Avatar will retain Questa employees and offices located in Midland, TX.

Aker’s Solutions and Well Services units have signed a master service agreement with Sensornet for the provision of an enhanced well intervention flow profiling service. The deal is ‘potentially’ worth over £2 million. Aker’s well service unit will use its logging, tractor and well control expertise to deploy Sensornet’s ‘FibreDip’ system which real-time flow profiles in multilayered reservoirs.

Divestco has released information about several 2007 acquisitions viz: BlueGrouse Seismic ($CDN 38.5 million), Veritas Energy Services’ Geomatics business unit ($CDN 3.2 million) and Spectrum Seismic Processing ($CDN 1.9 million). Software sales amounted to approximately 7% of Divestco’s 2007 $CDN 116 million revenue.

Meanwhile IHS has acquired Divestco USA’s product portfolio for $3 million in cash. The portfolio—essentially the old Petro Data Source assets, includes drilling, land and production data.

Det Norske Veritas’ (DNV) software unit has acquired Jardine Technology. Target of the acquisition is Jardine’s performance forecasting and optimization product line which will be sold to the oil and gas, refining and petrochemical verticals. Flagship software MAROS (upstream oil and gas), TARO (refining and petrochemicals) will complement DNV’s Safeti package for risk assessment, consequence modeling and management systems assessment. Founder Iain Jardine is leaving the company to pursue opportunities in other markets.

Fugro has acquired UK-based Phoenix Data Solutions, an upstream data management boutique with 2007 turnover of € 1.4 million. Phoenix, which provides digital reconstruction of seismic images, will integrate Fugro Data Solutions division. Fugro has also bought NexTerra Geophysical Solutions of Kolkata, India and SureSpek ISS of Australia. Pty Ltd.

Seismic specialist Geokinetics Inc. has raised $30.0 million from the sale of additional shares of its existing Series B Senior Convertible Preferred Stock to fund growth initiatives and provide working capital for the business. Buyers were Avista Capital Partners. Proceeds will be investments in capital equipment in response to ‘strong customer demand’ for seismic data acquisition and processing services.

TGS –Nopec has terminated its plan to merge with Wavefield-Inseis and is claiming compensation following a protracted dispute.

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