International oilfield service company Reservoir Group, of Aberdeen, yesterday revealed its sixth acquisition of the year.
It said it had bought Mudlogging Services (MSI), a US-based developer and supplier of gas-detection systems.
Founded in 2001, MSI has its headquarters in Colorado and leases its specialised systems and software to major operators and independent oil and gas firms worldwide.
Reservoir, which is believed to have paid more than £1million for the business, said the acquisition complemented its own services.
Wade McCutcheon, vice-president with responsibility for the group’s formation evaluation activity in America, said: “MSI is an important partner in the growth of our club and this acquisition helps to consolidate our position as a leading worldwide oil and gas service provider.”
Selling the business was Andy Kelly, who said: “We were attracted by Reservoir Group’s expertise in formation evaluation and the synergies that MSI has with other group members.
“By joining Reservoir Group we will be able to further realise our ambition of becoming the dominant equipment and log-plotting provider for US land rigs. This relationship also gives us the potential to roll the MSI product range out to a worldwide market.”
Backed by Houston-based oil and gas specialist private-equity firm SCF Partners, Reservoir was launched through a £20million management buyout of Corpro in 2007 with the aim of building a global portfolio of businesses to deliver specialist services around hydrocarbon reservoirs.