Corum Leads Sale of Petrospec Technologies to Geoservices
|Date: 10 July 2009
|Author: Gina Stanhope
|Origin: Corum Group
Geoservices Acquires Petrospec Technologies
Corum Group Ltd. today announced the acquisition of its client, Petrospec Technologies, Inc. ("Petrospec"), or Conroe, Texas by the Geoservices Group, of Petrospec in a strategic transaction as part of the petroleum drilling services business. Corum Group Ltd., the global leader in merger and acquisition services specializing in serving software and information technology companies worldwide for nearly 25 years and with offices in eight countries advised Petrospec in the transaction.
Petrospec is a domain expert and successful innovator of the highly specialized technologies that improve the science of analyzing rock properties for the petroleum drilling industry. The company maintains special expertise in seismic and real-time pore pressure and rock property analysis. The Geoservices Group is a leader in oilfield services worldwide.
The technology used for oil finding is both demanding and undergoing constant improvement. However it still took awhile for the market and the competition to fully embrace the type of methods that Petrospec pioneers. Over time, Petrospec’s domain expertise moved from being an important early differentiator to a competitive must have for the global drilling services companies. This acquisition was made against the backdrop of a dramatic downturn in global economy and the roller coaster movement of the price of a barrel of petroleum from $150 BBL to $40 BBL.
Petrospec Technologies’ mission is to conceive, design, implement and deploy world-class geopressure analysis and drilling engineering software and services. Using innovative technology and original research, Petrospec Technologies’ powerful software systems help oil and gas clients evaluate potentially over pressured zones from seismic data. In real time, while drilling, these systems, combined whith skilled personnel, allow the successful completion of challenging wells.
Mark A. Herkommer, President & CEO of Petrospec Technologies, has joined the Geoservices Group as CEO of the Petrospec Division and reports to Jean-Pierre Poyet, Geoservices’ Executive Vice President & Chief Technology Officer.
According to Philippe Salle, CEO of the Geoservices Group, and Nicolas Malgrain, VP Legal Affairs and M&A, “Petrospec is a key acquisition for the group in our quest to push technological frontiers in Mud Logging”.
According to Jean-Pierre Poyet, Executive Vice President & Chief Technology Officer of the Geoservices Group, “The pore pressure technology from Petrospec, combined with our latest geoNEXT drilling acquisition system and gas system offers the best combination on the market to help clients drill through potentially dangerous over pressured zones”.
Said Mark Herkommer, President & CEO of Petrospec Technologies, "We are delighted to be part of a world-class company like Geoservices, whose global footprint will enhance our innovative technologies. Through the process, Corum provided valuable and timely guidance that helped the deal move forward smoothly. As a consequence Petrospec's shareholders received good value for their investment."
The acquisition of Petrospec Technologies comes after five prior company acquisitions, notably Production Wireline Services in the United States and Wireline Services & Mfg in Italy.
About the Geoservices Group
The Geoservices Group (more than 5,000 employees worldwide – US$ 510 million turnover in 2008) provides a range of oil field services that help evaluate hydrocarbon reservoirs and optimize field exploration, development and production. It serves oil and gas companies worldwide through a network of bases in 53 countries, covering all the main areas where oil or gas is to be found. Its services include Mud Logging (world leader), Well Intervention (World N°2) and Field Surveillance.
About Petrospec Technologies, Inc
Since 1982, Petrospec Technologies, Inc., with offices in Conroe, Texas and Kuala Lumpur, Malaysia, has provided the petroleum industry with cost-effective software and services for geopressure, rock property, and wellbore stability analyses from petrophysical and seismic data. Petrospec has recently combined its field analysis of cuttings to improve the safety, efficiency, and profitability of all phases of petroleum exploration, drilling and production.
About Corum Group
Corum Group Ltd. is the global leader in merger and acquisition services, specializing in serving software and information technology companies worldwide for nearly 25 years and with offices in eight countries. Experience makes the difference with Corum having completed hundreds of software M&A transactions spanning six continents, enabling the firm to deliver a proven business process for its clients. Corum also educates the industry with its conferences and publishes the most widely distributed software M&A research. Corum's principals are highly experienced former tech CEOs, who are supported by the industry's leading researchers, writers and valuation experts. The company has spent more than US $20 million to build the world's largest and most comprehensive buyer database. This knowledge base combined with Corum's experience and industry expertise, consistently ensures unequaled success in client engagements. See http://www.corumgroup.com.