Apergy is to combine with Ecolab’s upstream energy business (aka ChampionX) to create a ‘global leader’ in production optimization solutions, including artificial lift equipment, chemical solutions, and digital technologies. The combined companies are said to have an ‘enterprise value’ of approximately $7.4 billion. The ‘reverse Morris trust’ transaction sees the ChampionX spun-off as a wholly-owned Apergy unit.
BP has invested $3.6 million in R&B’s latest funding round. R&B is a Chinese artificial intelligence building energy management specialist. R&B’s flagship AI platform, BeOP ‘navigates principles and relationships between data and data, things and things and data and things’.
CGG has exited the seabed data acquisition business and terminated the Seabed Geosolutions’ joint venture, transferring its 40% share to Fugro. CGG is also concluding ‘remaining matters’ related to Seabed Geosolutions’ financing with a $35 million payment to Fugro. Fugro is now the sole shareholder of Seabed Geosolutions and is looking to dispose of the ‘non-core’ asset.
Meanwhile, Fugro reports the sale by HC2 Holdings of Global Marine Group, in which Fugro has a 23.6% share. The sale will bring Fugro around $40 million.
FLIR Systems has made a strategic investment in software developer Providence Photonics. Providence’s computer vision technology and infrared imagers are used to monitor emissions and flare combustion efficiency. The deal sees FLIR gain exclusive access to Providence’s IP and expand the FLIR footprint in oil and gas.
Forbes Energy Services is to combine with the US service rig, coiled tubing, wireline and other business lines of Superior Energy Services.
Hexagon is to acquire Cowi’s aerial mapping business, strengthening the HxGN content program with Cowi’s mapping ‘content-as-a-service’. The deal adds to the earlier Hexagon acquisitions of North West Geomatics, SigmaSpace, Melown Technologie, and Thermopylae Sciences and Technologies.
Honeywell has acquired Rebellion Photonics, a Houston-based provider of visual gas monitoring solutions for safety, operational performance, emissions mitigation and compliance in the oil and gas, petrochemical and power industries.
Mistras Group has acquired pipeline data management boutique New Century Software. New Century’s pipeline integrity management software suite complements Mistras’ ‘PCMS’ plant condition management solution. The acquisition was funded with cash on hand. Mistras also recently acquired Onstream Pipeline Inspection, a provider of inline inspection analytics and pipeline integrity solutions.
Tank level monitoring specialist Otodata Wireless Network has received some CAD$7.5 million growth capital financing from CIBC Innovation Banking. The monies will be used to support the company’s product diversification and growth across North America.
Petrofac reports the small ‘bolt-on’ acquisition of W&W Energy Services, bringing an entry-level position in the US onshore operations and maintenance market and an additional platform for growth in the Permian basin.
VMware has acquired Pivotal software and will combining Pivotal’s offerings with VMware’s cloud native applications offerings into a new modern applications platform unit. Pivotal’s software will integrate VMware Tanzu, a products and services portfolio for Kubernetes users.
Following a one-to-five reverse stock split of its ordinary shares, Recon Technology has regained compliance with the $1.00 per share minimum bid price requirement of the Nasdaq. Recon received the Nasdaq non-compliance warning in January 2019.
Industrial internet of things and analytics software house Seeq Corporation has raised $24 million in a series B funding round led by Saudi Aramco Energy Ventures. The round saw renewed participation from Altira Group, Chevron Technology Ventures, Second Avenue Partners and other existing investors.
Stress Engineering Services has acquired Laserstream, a technical service company specializing in laser mapping of tubular assets. The acquisition will provide high-resolution pipe ID scanning hardware and imaging software, enhancing SES’s competencies across upstream, midstream, downstream and other verticals.
Weatherford International has emerged from chapter 11 protection, having reduced approximately $6.2 billion of outstanding funded debt and secured $2.6 billion in ‘exit financing facilities’.
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