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.
 

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Report: Hiring Managers See Salaries S... (Mar 23)
 -  Repsol Chooses Atlas for Onshore, Offs... (Mar 23)
 -  OGA Awards 25 Licences for 111 UKCS Bl... (Mar 23)
 -  UK Minister Brands Oil Worker Discrimi... (Mar 23)
 -  New Zealand Opens Block Offer Tender f... (Mar 22)


Most Popular Articles

From the Career Center
Jobs that may interest you
Equipment Operator (Frac)
Expertise: Driller|Well Control
Location: Midland, TX
 
Truck Driver (Sand)
Expertise: Driller|Oil Terminal / Storage Management|Well Servicing & Testing
Location: Midland, TX
 
Field Inventory Technician
Expertise: Field Service Tech
Location: Midland, TX
 
search for more jobs

Brent Crude Oil : $50.64/BBL 0.62%
Light Crude Oil : $48.04/BBL 1.47%
Natural Gas : $3.01/MMBtu 2.58%
Updated in last 24 hours