Done deals

AspenTech gets Nasdaq warning. CGG sells Multi-Physics Business. Covenant Testing Technologies to merge with Stuart Pressure Control. EQT exits Altus. FTS Intl. restructures. Wolters Kluwer acquires CGE Risk Management. Aveva buys OSIsoft. Olympe SA funded by Inter Invest Capital. Palantir Technologies float flops. Pelican Energy Partners acquires MWD specialist Noralis. Reset Energy has acquired Heroes Energy Solutions. Seeq Corp closes Series B expansion. Hexagon acquires TacticaWare. Iraya Energies gets Series A funding. Siemens floats Siemens Energy AG. Schlumberger transfers North American frack business to Liberty Oilfield Services. Schlumberger and TEP form GeoFrame Energy. Total becomes a Société Européenne.

Aspen Technology received a staff determination from the Nasdaq for its failure to file its 10-K annual report for the year ended June 2020. The delay was due to accounting errors identified by AspenTech and COVID-19 remote working complicating its reporting. The company has 60 days to submit a plan to regain compliance.

CGG is selling its Multi-Physics Business to Xcalibur Group of South Africa. The deal does not include CGG’s multi-client library.

Covenant Testing Technologies is to merge with Stuart Pressure Control in a debt-free, paper transaction. The combined company will be jointly owned by Catapult Energy Services (an NGP Energy Technology Partners portfolio company) and affiliates of White Deer Energy.

EQT has exited its investment in Altus, a provider of well intervention services, selling its stake members of the Altus management team in a transaction supported by a consortium consisting of three Nordic banks. Financial terms were not disclosed.

Fracker FTS Intl. has entered into a restructuring support agreement with its lenders in the form of a ‘prepackaged’ chapter 11 plan. The deal will deleverage the FTSI’s balance sheet by $437.3 million. Vendors, suppliers and customers ‘remain unaffected by the transaction’.

Wolters Kluwer is acquiring CGE Risk Management Solutions. CGE Risk will integrate WK’s EHS/Risk software group, alongside Enablon and eVision.

Aveva is acquiring OSIsoft, developer of the ubiquitous PI System in a $5bn deal. OSIsoft founder and majority shareholder Pat Kennedy becomes chairman emeritus with a 4% stake in Aveva.

Swiss ‘code as data’ software boutique Olympe SA has raised 2.5 million Swiss Francs from Inter Invest Capital and others. Olympe has developed a ‘supply chain and industry 4.0’ solution targeting the oil and gas vertical, leveraging ‘IoT, digital twins, and blockchain technologies’

Palantir Technologies long-anticipated float was something of a flop. Shares opened at $10 and drifted down to $9.50 over the next few days.

Pelican Energy Partners has acquired measurement while drilling specialist Noralis. Noralis will integrate Pelican’s Gordon Technologies unit.

Reset Energy has acquired Heroes Energy Solutions. The combination will ‘take Reset Energy from a plant design and fabrication company to a diversified business capable of providing turnkey solutions from conceptual design to commissioning’. Heroes’ specialty is the design of modular gas treating skids and process equipment.

Seeq Corp has closed a Series B expansion with an investment from Cisco Investments, along with renewed participation from Saudi Aramco Energy Ventures, Altira Group, Chevron Technology Ventures, Siemens’ Next47 venture group and others. The new cash will ‘further the growth’ of Seek’s business.

Hexagon AB has acquired 3D Lidar security surveillance specialist TacticaWare. TacticaWare’s Accur8vision flagship delivers 3D situational awareness of an intruder’s location, size and movement in a 3D digital reality view.

Malaysian Iraya Energies has received Series A funding in a round led by a ‘major energy partner’ (Petronas is a client). Irya’s ElasticDocs flagship applies machine learning to large bodies of, inter alia, geoscience documentation.

Siemens has floated its Siemens Energy unit on the Frankfurt Stock Exchange. Siemens AG retained a 35% stake. Shares opened at €22,01 and drifted slightly down over the next few weeks to around €21.20.

Schlumberger has signed over its US and Canadian onshore hydraulic fracturing business to Liberty Oilfield Services in exchange for a 37% share in the combined company.

Schlumberger New Energy and Thermal Energy Partners are to form GeoFrame (sic!) Energy, combining Schlumberger’s subsurface and drilling expertise with Thermal Energy Partners’ experience in geothermal power project development. The new company’s first project is a 10-MW geothermal power project on the Caribbean island of Nevis.

Total, formerly Total Société Anonyme has transferred to become a European company and is now Total Société Européenne, a.k.a. Total SE. Comment on the website has it that the SE tag heralds the adoption of an EU legal status which will allow Total to operate more easily across the EU. CEO Patrick Pouyanné was quoted as saying, ‘legally this doesn’t change much, but I think it is a good thing that large EU groups demonstrate their faith in Europe’.

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