Electromagnetic Geoservices (EMGS) has spun out its Petrel EM plug-in to a new company, Bridge Software AS. Paul Hovdenak heads-up the unit which is developing the Bridge EM Data Integrator. Bridge is backed by Blueback Reservoir and Vestfonna Geophysical.
Cameron is to acquire oil and gas process specialist Natco in a paper-only deal that values the company at approximately $780 million. Natco’s 2,400 employees generated revenues of over $650 million in 2008.
Eagle Geophysical and wholly-owned subsidiary, Eagle Geophysical Onshore, have filed voluntary petitions under Chapter 11 of the US bankruptcy code. The Companies continues to operate as ‘debtor in possession.’
Energy Solutions International and Electronics Corporation of India Ltd. (ECIL) are teaming to promote deployment of PipelineManager to the Indian market. ECIL clients include BPCL and PCCKL.
ERF Wireless has completed is acquisition of the assets and operations of Frontier Internet LLC and iTexas.net, adding 1,800 customers and ‘new oil and gas revenue capabilities.’
ION Geophysical and WesternGeco are trading lawsuits in regard of Western-Geco’s Q-Marine system and ION’s patented technology. ION’s suit also alleges that WesternGeco ‘tortiously interfered’ with customer contracts and breached a confidentiality agreement. The suit follows an earlier claim against ION by WesternGeco claiming infringement of its own patents.
A management buy-out of the Visualization Sciences Group of Mercury Computer Systems (VSG) sees the unit’s return to independence. The MBO was supported by IRDI-ICSO Private Equity.
Weatherford is to acquire TNK-BP Oil Field Services in exchange for 24.3 million Weatherford shares. TNK-BP’s OFS business provides drilling and other well services in Russia. 2008 OFS revenues exceeded $650 million.
Private equity house GTCR and Ken MacDonald announce the formation of ReSurge Ltd. ReSurge is to create a seismic data licensing company in Western Canada. GTCR plans to invest up to $150 million into the unit which is headed up by MacDonald former Pulse Data CEO.
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