Andium has secured $15 Million in a Series A funding round led by OGCI Climate Investments. The funds will be used to accelerate the deployment of Andium’s proprietary video solutions product lines for flare monitoring, tank telemetry and object detection. More from Andium.
Arria seems to have got in a bit of a tangle with its upcoming TSX/ASX IPO. A key auditors’ report of Arria’s global operations by KPMG New Zealand and KPMG Canada was held up due to extra requirements covering Arria’s acquisition of NuSutus and compliance with an IFRS rule requiring an independent technical memo on the 2019 conversion of a US $18 million loan note debt to equity. While Arria’s teams are ‘working diligently’ to complete the prerequisites impacting the Arria IPO timetable, other options include a direct listing on either NASDAQ or the NYSE. Advisor Solebury Capital has even suggested that Arria take the special purpose acquisition company (SPAC) pathway to list.
Quorum Software has completed its merger with Aucerna and also acquired TietoEvry’s oil and gas business. The three units will now combine into Quorum Software which now boasts ‘over 1,350 employees and 1,800 customers across the globe’.
Bpifrance, the French national investment bank, has hiked its stake in Technip Energies with a $US 100 million investment, raising its holding to around 7%. Bpifrance is to become a ‘long-term reference shareholder’, supporting TE’s ‘energy transition-focused strategy’. TE is roughly speaking, the old ‘Technip’ company as it was before its short-lived marriage with FMC.
Cegal is to acquire Envision AS, bringing the company’s geoscience and petroleum engineering consultancy services, data management and software into its portfolio. Cegal is owned by Chip Bidco AS, itself majority-owned by Norvestor SPV I Holding AS.
In a $12.4 billion deal, an EIG-led consortium is to acquire a 49% stake (Aramco holds the other 51%) in a new entity, Aramco Oil Pipelines Co. The new company has rights to 25-years of tariff payments for oil transported through Aramco’s crude oil pipeline network. The network connects oilfields to downstream facilities, transporting 100% of Aramco’s crude oil produced in the Kingdom. Washington-headquartered EIG is an institutional investor in the energy sector with $22.0 billion under management.
Global private equity firm Hellman & Friedman is to purchase a majority stake in Enverus from Genstar Capital. Enverus provides energy data analytics and cloud technology, machine learning/AI and industry-leading intellectual capital to clients including ‘21 of the top 25 global energy companies’.
American Industrial Partners, another private equity firm, has bought a majority interest in Ingersoll Rand’s high pressure solutions segment. Ingersoll Rand’s ‘Execution Excellence’ engine is said to have accelerated the timeline to completion. IR is to retain a 45% interest in the business. Sale of the remaining majority stake will bring in some $300 million. The transaction reduces IR’s exposure to upstream oil and gas to ‘non-material’ exposure of under 2% of revenue.
Onpoint Industrial Services is to merge with CertifiedSafety and its subsidiary, Calculated Controls. CertifiedSafety provides ‘cost-effective, scalable and proven’ solutions to solve safety-related challenges for the petroleum and chemical industries. The combined companies will provide industrial safety, logistics and turnaround management services in North America. Private equity firms The CapStreet Group and HCI Equity Partners will continue as shareholders in the combined entity. More from Onpoint.
Tank monitoring specialist Otodata Technologies has acquired Wise Telemetry, a provider of remote monitoring devices and services.
PDI Software has acquired fuel savings app developer GasBuddy.
Avisto Capital Partners is merging with Eddye Dreyer and The Resource Group to form PetroLedger, a new provider of oil and gas accounting and transaction services. Avisto partner Chad Smith cited the ‘uncertain environment’ of 2020 as a catalyst for change that led the companies to create PetroLedger to meet the existing and emerging needs our clients are experiencing. ‘More than ever, oil and gas companies are seeking to reduce overhead costs, maintain quality and free-up management time to focus on profitability and value-added growth opportunities’. More from PetroLedger.
Following feedback from regulators regarding the proposed merger of S&P Global and IHS Markit, the companies have decided to explore a divestiture of IHS Markit’s Oil Price Information Services (OPIS) business, as well as IHS Markit’s Coal, Metals and Mining business. This decision was taken to ensure the pending merger of both companies closes on a timely basis. Both the divestiture and merger are subject to further review and approval by regulators and antitrust authorities.
Seeq has closed a $50 million Series C funding round, led by global venture capital and private equity firm Insight Partners, bringing the total invested in Seeq to $115 million. This funding will accelerate Seeq’s expansion of development, sales, and marketing resources, and help increase the company’s presence in international markets.
CGG announced today that Sercel and Low Impact Seismic Sources have entered into negotiations for the acquisition of LISS by Sercel. In collaboration with Shell, LISS developed the tuned pulse source, an innovative marine seismic source with enhanced low-frequency output.
As a result of recent SEC guidance on SPAC-related accounting for warrants, fracker US Well Services is to restate its financial statements for 2018, 2019 and 2020. US Well Services reports ‘no adverse change’ to its operations, liquidity or business prospects as a result of the correction. ‘Demand remains strong for the company’s services’. USW went public in 2018 through a business combination with a SPAC.
Whiteley Oliver, a data-focused service provider to the infrastructure and civil construction market, has acquired Onshore Pipeline Services, and engineering, construction management and inspections company. OPS’ expertise will allows WO to offer a ‘true turnkey project management service’ along with its surveying, integrity, compliance and maintenance work.
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