Oil Majors Back Scottish Corrosion Prevention Firm

Scottish oil and gas technology firm LUX Assure announced Wednesday that it has received an investment of approximately $5.2 million from a number of sources, including oil majors ConocoPhillips and Statoil.

The firm, which specializes in corrosion management, will use the funds to transform itself from a technology development business to a service provider for the oil and gas sector.

LUX Assure Chairman Laurence Ormerod said in a company statement:

"This major investment will allow LUX to capitalize on the excellent chemical monitoring products developed by the company. Our CoMic and OMMICA products have been very well received by the industry so this seems to be an appropriate time to dedicate the company to growing sales, both within the UK and overseas. We are delighted to have ConocoPhillips and Statoil as new shareholders."

As well as receiving investment from ConocoPhillips and Statoil Technology Invest, Archangel Informal Investment and the Scottish Investment Bank (a division of Scottish Enterprise) also took part in the funding round, LUX Assure said.


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