Seismic Micro-Technology founder Tom Smith has just launched a new company, ‘Geophysical Insights,’ to develop advanced technology for seismic data interpretation with neural nets.
Reservoir Group has acquired Enigma Data Solutions. Terms of the deal were not announced. The acquisition will reinforce RG’s information services division of RG, which includes previously acquired data management specialist Info Asset. More from www.reservoir-group.co.uk.
Fugro has entered into an agreement to purchase $20 million of senior secured bonds from Electromagnetic Geoservices (EMGS). The deal ‘represents Fugro’s interest in establishing marine EM as a valuable tool in oil and gas exploration.’ The bonds yield quarterly coupons of Libor + 8% and are secured against revenues from a recently awarded Pemex work program.
HitecVision is to acquire Statoil’s Tampnet unit. Established in 2001, Tampnet’s fiber backbone and radio links provide high bandwidth communication to some 60 offshore platforms operated by a multitude of oil companies. RBC Capital Markets advised Statoil on the transaction.
ABB has acquired level detection specialist K-TEK which will be rolled into ABB’s Process Automation division. K-TEK claims over 350,000 installations world wide.
Merrick Systems has received funding from Main Street Capital Corp. The amount of the ‘senior secured term debt’ was not disclosed. GulfStar Group advised Merrick on the transaction.
Seven venture capital investors have announced the formation of the Oiltech Investment Network to discover and bring to market new E&P technologies. The Oiltech line-up is Chevron Technology Ventures, Energy Ventures, Epi–V, Lime Rock Partners, SEP, Shoaibi Group and Viking Venture. The pioneering network is managed by OTM Consulting—more from www.oiltechinvest.com.
Total Safety has acquired Houston 2-Way Radio offering a range of portable and fixed wireless communication products and solutions.
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