Norwegian AGR Group has closed a $5.6 million transaction, selling its 50% share of Horton Deepwater Development Systems to Wison Heavy Industries.
FMC Technologies has completed its take-over of Stavanger-based Multi Phase Meters AS.
Mark Smith, chairman and COE of pipeline mapping specialist Geospatial Holdings has converted $2 million of capital invested into the Company into equity. The conversion was at a price of $1.00 per share.
Halliburton has acquired Geo-Logic Systems of Boulder, Colorado. Geo-Logic Systems provides structural interpretation, analysis and restoration software for complex geologic environments.
ION Geophysical Corp. is to receive a $175 million cash injection from China’s geophysical behemoth BGP. The deal heralds a new joint venture to provide land seismic products worldwide, combining ION’s land equipment business with BGP’s seismic operations expertise and a land recording system currently under development. BGP will hold a 51% interest in the joint venture along with a 17% stake in ION. The deal also included $40 million of bridge financing arranged by BGP. After closing ION expects to have over $100 million in liquidity from cash and spare capacity on its revolving line of credit. The joint venture will be 51% owned by BGP and 49% owned by ION.
Kongsberg Gruppen ASA has entered into an agreement to acquire the assets and business of Havtroll AS and Havtroll Teknikk AS. The companies will belong to Kongsberg Oil & Gas Technologies (KOGT) and will be integrated into Seaflex, an existing KOGT subsidiary.
Merrick Systems is to spin-off its One Virtual Source (OVS) software into a new company, OVS Group. The newly formed OVS Group, headed by Jose Alvarez and Cheo Alvarez is comprised of the original OVS team at Merrick. The spin-off will allow refocus on its production software product line and its RFID-based asset tracking system. OVS is an optimization framework for petroleum engineering workflows and operations management.
Superior Well Services has priced its public offering of 6.0 million shares of its common stock at $10.50 per share. The Company intends to use the net proceeds from the offering to repay debt.
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