PowerWell Acquires Geoservices Well Testing Division

PowerWell Services, a First Reserve Corporation portfolio company and a global leader in well testing technology, services, and operations, announced today its purchase of the well testing capabilities of Geoservices, S.A. The acquisition gives PowerWell Services access to additional capacity in the surface well testing operations, adding eight countries to PowerWell Services already extensive international network.

"Geoservices is a highly reputable organization, a prominent oilfield service company in the upstream sector, and has provided well testing services for almost 25 years," says David Reamer, CEO of PowerWell Services. "This acquisition gives PowerWell access to highly expert well testing personnel and capabilities in new geographical market segments and expands our presence with key customers, which is inline with our growth strategy, as we become the major player in this industry segment."

"We view this divestiture as a win-win," says Bruno Burban, CEO of Geoservices. "This agreement will allow us to focus on and increase our leadership position in our core business activities such as mud logging, well intervention, and field surveillance, and to invest in other key areas of our business where we see opportunity for growth."

With this acquisition, PowerWell Services increases its revenue base by nearly 25 percent, adding all operating assets and employees associated with Geoservicesí day-today well testing business.

"Geoservicesí production-oriented well testing capabilities not only complements our existing exploration-oriented operations, but also our customer base and geographic reach," continued Reamer. "In addition, we both have an opportunity to strengthen our R&D efforts and positioning in our segments," Burban commented.

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