Roxar Sells Flare Measurement Business to Fluenta

Roxar announced the divestment of its flare metering and measurement business to newly independent, Norwegian based technology company, Fluenta.

Dag Johansen, previously Roxar Sales Director, is to become the Managing Director of Fluenta. The entire business and research and development team behind the Roxar Flaregas meter--10 employees--will follow, guaranteeing a seamless transition of knowledge and expertise. Fluenta will also make use of Roxar's production facilities in Bergen, Norway until the end of 2007.

Roxar CEO Sandy Esslemont said:

"In an environment where the world looks to ambitious reductions in CO2 emissions and accurate and verifiable measurement of flare gas emissions, we are enormously proud of the flare measurement technology Roxar has developed."

"As our reservoir management and production optimization solutions continue to expand, however, we felt that this was the right time to hand over the reins and spin off the technologies we have researched and developed in a controlled and open manner. We have no doubt that the Fluenta's team's focus on innovation and customer service will take the meter to new heights and we wish them every success."

Johansen noted:

"We are delighted that Fluenta is now home to the most accurate, reliable and widest velocity range flare measurement meter on the market today. We thank Roxar for their support and look forward to an exciting future. For previous Roxar customers, it will be business as usual."

Roxar said the Fluenta Flaregas meter is the most robust and accurate flare monitor on the market today and an essential tool for E&P operators. Through the measurement of molecular weights, the meter helps operators accurately measure the composition of flaring emissions and level of CO2 gases and enables them to comply with government and international regulations for pollution control.

The meter measures very low to very high velocity (the largest velocity range on the market today), density, volume and mass flow as well as the average composition of all gases. It is currently used by all major Norwegian oil and gas companies to help calculate taxes payable on CO2 emissions.

Roxar creates value for its customers through its Reservoir Interpretation, Reservoir Modeling, Reservoir Simulation, Well and Completion, Production and Process Solutions and Consultancy Services.

Headquartered in Bergen, Fluenta is a world leader in ultrasonic flare metering. The company has more than 500 flare metering systems operating worldwide.

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 650 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$160 million in 2006. Roxar's International customer base includes all of the multinationals, major independents and the majority of national oil companies.