Done Deals …

Agile Scientific/Software Underground. CUI Global/Orbital Energy Group. Forum Energy Technologies. Flotek Industries/JP3 Measurement. GoExpedi. Intelsat. KeyLogic Systems/OnLocation. Kongsberg Digital/NorSea Digital/KONCIV. Nabors Industries. NVIDIA/Mellanox. Pacific Drilling. Peloton/ExproSoft. ResFrac/Altira Group. VELO3D/Piva/Petronas. Weatherford.

Agile Scientific’s Software Underground is ‘going legal’ with a move to incorporate in Canada as a non-profit. The plan is to change ‘as little as possible’ with access to the Slack channel remaining free for everyone. The inaugural AGM is slotted for 2021.

CUI Global is changing its name to Orbital Energy Group. The new name reflects its transformation to a ‘diversified energy and infrastructure solutions platform’. The name change follows the 2020 acquisition of Reach Construction Group which added renewable energy EPC expertise to the portfolio.

In a recent tender offer, Forum Energy Technologies has sold some $58 million (15%) of its outstanding $1,000 notes at a clearing price of $400. Forum has now repurchased a total of $70 million worth of notes at an average price of $385.

Flotek Industries has acquired JP3 Measurement, a data and analytics technology company. In a $34.4 million cash and paper deal. Flotek president John Gibson observed, ‘This market has created such chaos and uncertainty that numerous growth opportunities – both organic and inorganic – have emerged. We have been disciplined in vetting those opportunities with a desire to reduce our dependence on rig count and the US unconventional market, while establishing an offering in the digital transformation market. An estimated $1 billion addressable market [for JP3’s technology] in the US alone provides significant revenue growth opportunities’. JP3 provides real-time analysis of flowing products and cloud-based monitoring. JP3 recently announced a joint marketing agreement with refiner Phillips 66.

Oil and gas MRO (maintenance, repair and operations) service provider GoExpedi has raised a $15 million debt facility from Silicon Valley Bank. The monies will be used to expand warehouse capacity across North America and to hire additional software developers. GoExpedi claims a 25% price advantage over its competitors, enabled by its own last mile transport and accurate inventory tracking solution.

Intelsat has filed for bankruptcy protection in the US in what the Financial Times described as ‘a move that enables the indebted private equity backed satellite operator to prepare for a government auction of its airwaves that could raise $4.9 billion’.

IIA Technologies unit KeyLogic Systems has acquired OnLocation, a provider of mathematical models that address energy and environmental policy issues. OnLocation’s latest analysis explores the impact of a hypothetical US fracturing ban. The study, initiated by the American Petroleum Institute, leveraged a custom version of the US Energy Information Administration’s National Energy Modeling System, ‘NF-NEMS’ and found that an outright ban would produce a GDP decline of $1.2 trillion and 7.5 million jobs lost by 2022.

Kongsberg Digital has increased its holding in NorSea Digital and it to change its name to KONCIV. NorSea is part-owned by private investor Jacob Møller who is to become the new chairman of KONCIV. The company provides cloud-based digital logistics services. Kongsberg Digital’s share now amounts to some 40%. KONCIV’s cloud solution is developed and operated as part of Kongsberg Digital’s platform.

Nabors Industries has received notification from the New York Stock Exchange that it is no longer in compliance with the NYSE continued listing criteria that requires a share price of at least $1.00 over a period of 30 consecutive trading days. The company has six months to regain compliance. A reverse stock split is planned.

In a $7 billion transaction, NVIDIA has completed its acquisition of Mellanox, a provider of high-performance networking technology.

Pacific Drilling has received notice from the NYSE that it is not in compliance with the minimum share price standard for continued listing.

Peloton has acquired ExproSoft, a provider of well integrity, reliability and data modelling software and consulting services based in Trondheim, Norway. ExproSoft develops WellMaster and Miriam RAM Studio software that provides data-driven performance analytics for the oil and gas and process industries. The solutions will expand Peloton’s Platform solutions for lifecycle well and production data management and enhanced decision making.

Simulation software provider ResFrac has closed a preferred share financing with its financial sponsor Altira Group. The (undisclosed) funds will be used to support the company’s growth. ResFrac customers include Hess, QEP Resources, ConocoPhillips and Shell.

3D printing specialist VELO3D has raised $28 million in a Series D funding round with new investors Piva and TNSC. The deal brings VELO3D’s funding to $138 million. Piva, the largest investor in the new round, is backed by Malaysia-based Petronas.

Following ‘careful deliberations’ the board of Weatherford International has withdrawn its appeal to the delisting proceedings by the NYSE. The Company’s shares of common stock will be delisted from trading on the NYSE. Weatherford continues to trade on the OTC Pink Marketplace.

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