This is the first acquisition Roxar has completed since it was acquired by leading international investment firm, Arcapita Bank and confirms Arcapita's commitment to providing the financial backing for Roxar to broaden its solutions portfolio and invest in innovative new technologies.
Energy Scitech Ltd, based in Guildford, near London, England, is a privately owned independent consultancy and software development company specializing in the oil and gas industry. Its flagship product EnABLE™ is the leading history matching and uncertainty estimation software product on the market today. It is used worldwide for better understanding and measuring uncertainty in reservoir production performance predictions and in optimizing plans for oil and gas fields.
As a result of the acquisition, EnABLE™ will now work alongside Roxar's reservoir modeling application, IRAP RMS™ and reservoir simulation tool, Tempest™, to provide the first commercial solution where numerous geological scenarios can be examined and history matched to create simulation models that are fully consistent with their underlying geological interpretation. Working together in a "big loop", and leveraging IRAP RMS™'s robust repeatable workflow process to provide a firm basis for a deep examination of reservoir uncertainty, IRAP RMS™,, Tempest™ and EnABLE™ will be able to provide E&P companies with a statistical framework for a rapid understanding of production behavior and the creation of robust estimates from a shared earth model.
Said Roxar CEO, Sandy Esslemont:
"This deal confirms that Roxar and our owners, Arcapita, are prepared to make the necessary investments to further reinforce our leadership position in our markets and ensure we remain ahead of the curve in providing our customers with maximum reservoir performance."
"Our acquisition of Energy Scitech and the resulting strengthening of our software solutions will provide E&P companies with the business critical information they so urgently need to effectively manage their oil and gas reservoirs and optimize production. With the maturing of fields, increased reservoir complexity and the need to maximize one's asset base through innovative reservoir management techniques throughout the production cycle, once again, Roxar is proving to be an industry leader."
His words were backed up by Energy Scitech Managing Director, Bob Parish: "In order to continue to grow and expand our development capabilities Energy Scitech needs the support of a larger company with strong complementary technology. In addition, for our world-class products to receive even greater worldwide market acceptance, we need the support of a significantly larger international company. With offices around the world and a sophisticated sales and distribution network, a customer base of more than 200 of the world's largest independent, national and international oil companies, and industry leading modeling and simulation products, we were in no doubt that Roxar was the perfect owner. Exciting times lie ahead."
Energy Scitech's services range from field development planning to asset valuations using advanced techniques in hydrocarbon reservoir characterization, petrophysical interpretation and reservoir simulation. Energy Scitech's EnABLE™ provides the statistical framework for a rapid understanding of production behavior and assists in the creation of robust estimates of field performance. In January 2006, Roxar signed an agreement to sell and support EnABLE™ in Latin America and Asia Pacific.
Roxar's IRAP RMS™ comprises 14 fully integrated software modules including mapping, modeling, flow simulation, well planning and workflow management tools designed to help geologists, reservoir engineers and geophysicists increase productivity from oil and gas fields.
Roxar's Tempest™ reservoir simulator is a robust, fast, memory efficient reservoir simulation tool which enables reservoir engineers to make informed decisions relating to the structure, type and economic potential of oil and gas fields to ensure production is maximized.
Roxar creates value for its customers through its Reservoir Interpretation, Reservoir Modeling, Reservoir Simulation, Well and Completion, Production and Process Solutions and Consultancy Services.
Roxar is a leading international technology solutions provider to the upstream oil and gas industry. The company creates value for its customers through innovative products and services that help achieve maximum performance from oil and gas reservoirs.
With its head offices in Stavanger, Norway, Roxar employs over 600 staff across a network of wholly owned offices in Europe, the Americas, Africa, CIS, Asia Pacific and the Middle East. Founded in May 1999, the company generated revenues of approximately US$130 million in 2005. Roxar's International customer base includes all of the multinationals, major independents and the majority of national oil companies.
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