Done deals

Bentley Systems launches The Cohesive Companies. BP buys into Satelytics. Sercel takes stake in AMBPR. Chevron Technology Ventures launches Future Energy Fund. Core Scientific has acquired Atrio. EnerCorp combines with Pro Oil & Gas Services. EQT acquires IFS. Flotek Industries regains NYSE compliance. HSB Solomon has acquired the assets of EnSys Energy. ICIS bags Chemical Data. Ideon Technologies gets funding from University of British Columbia. Kværner and Aker Solutions are to merge. mIQroTech Incorporated is joining the Chevron Technology Ventures Catalyst program. Petrolearn gets grant from DoE. Prometheus Group has acquired WorkTech. Siemens is spinning off its energy business into Siemens Energy AG. Mark Whiteley & Associates have merged with S. Oliver & Associates to form Whiteley Oliver. How XBRL financial reports can be used as the basis of ‘explainable AI’ for bankruptcy prediction.

Following its acquisition of Atlanta-based Cohesive Solutions, an IBM Maximo reseller, Bentley Systems’ Acceleration Fund has launched The Cohesive Companies, a wholly owned subsidiary. TCC will include the services team from Bentley’s AssetWise business and the offerings of Bentley, Cohesive, and IBM’s Maximo to support owner-operators’ digital transformation.

BP has invested $5 million in geospatial analytics company Satelytics. The company applies machine learning and spectral imagery to data from satellites, drones and planes to, inter alia, detect fugitive methane from new and existing facilities.

CGG’s Sercel manufacturing unit has acquired a 34% shareholding in AMBPR, a start-up company that designs and markets autonomous robots for repairing (sanding and painting) large metallic structures, used in the maritime and energy industries. Sercel identified AMBPR in its ‘Axandus’ program that helps start-ups scale up. Sercel is to manufacture AMBPR robots at its Saint-Gaudens site in France. The terms of this agreement also provide for Sercel increasing its stake in AMBPR to 51% in 2021.

Chevron Technology Ventures has launched a Future Energy Fund with an initial commitment of $100 million. FEF is to invest in ‘breakthrough technologies’ that will enable a transition to a greater diversity of energy sources.

Core Scientific has acquired Atrio, ‘strengthening its AI capabilities’. The companies share the vision that ‘AI and blockchain will change the way information is processed in an increasingly decentralized yet connected world’.

EnerCorp Engineered Solutions has combined with Pro Oil & Gas Services, a provider of well flow management and well construction products and services in the Permian Basin and Haynesville.

EQT is to acquire field service management software provider IFS in a € 3 billion plus deal. TA Associates has been cut in on the deal with a ‘significant minority’ stake in IFS

Flotek Industries has received notice from the New York Stock Exchange that it has regained compliance with the continued listing standards. The Company is no longer considered below the $1.00 per share continued listing criterion and the below compliance ‘.BC’ indicator has been removed from the Company’s common shares.

HSB Solomon Associates has acquired the assets of EnSys Energy including the World Oil Refining Logistics and Demand model and databases. Solomon also acquired EnSys’ North American Logistics Review and Crude Flows Services and will continue to offer these solutions to clients.

ICIS, part of RELX, has acquired Chemical Data, a Houston-based provider of US petrochemical price benchmarks, market analysis and predictive analytics.

Ideon Technologies has raised $1.3M CAD in seed funding from a diverse group of investors and the University of British Columbia’s Seed Fund. Ideon’s cosmic-ray muon tomography provides x-ray-like imaging to explore beneath the earth’s surface. The monies will be used to develop a new bore-hole detector, slated for release in 2021. Muon tomography primarily addresses the mining sector, but additional applications include oil and gas, notably SAG-D operations.

Kværner ASA and Aker Solutions ASA are to join forces and create a new supplier company to enable ‘sustainable, low-carbon oil and gas production’ and accelerate growth in renewables. Kjetel Digre will be the CEO of the consolidated company.

mIQroTech Incorporated is joining the Chevron Technology Ventures Catalyst program. mIQroTech applies artificial intelligence and internet of things technology to predict pipeline leaks.

Petrolearn has been awarded a $1.2 million grant from the United States Department of Energy to further develop and commercialize its state-of-the-art machine learning based technology for real-time acquisition, compression, transmission, and processing of large subsurface datasets. Petrolern’s low cost technology, originally developed for subsurface CO2 plume monitoring, has further application in oil and gas and geothermal energy.

Prometheus Group has acquired enterprise workforce management provider WorkTech, a provider of contractor management and productivity solutions software. WorkTech’s technology will integrate the Prometheus platform and will improve planning and execution of shutdowns and turnarounds with real-time snapshots of planned vs. actual activity and spend.

Siemens shareholders have approved the spin-off of the company’s energy business to Siemens Energy AG. This move leaves Siemens AG with Digital Industries, Smart Infrastructure and Mobility.

Beaumont, Texas-based surveyors Mark Whiteley & Associates have joined forces with S. Oliver & Associates to form Whiteley Oliver. Jason Whiteley is CEO and Stan Oliver is president.

A presentation at the Eurofiling Innovation Day by Maria Mora and Alicia Rodriguez (Fujitsu Labs) and Revathy Ramanan (XBRL International) showed how XBRL financial reports can be used as the basis of ‘explainable AI’ for bankruptcy prediction. The study used a decade of XBRL annual and audit reports filed with the Spanish Securities Market Commission to build a machine learning model for predicting company distress. The presentation highlighted how the xBRL-JSON and xBRL-CSV formats can be ingested into effective machine learning models. More from Eurofiling.

Click here to comment on this article

Click here to view this article in context on a desktop

© Oil IT Journal - all rights reserved.