Reservoir Group Increases Oilfield Services with Fifth Acquisition
Reservoir Group has acquired a second London-based company in its fifth deal in six months. This latest acquisition will lead to the creation of a new data management division within the group.
This deal to acquire InfoAsset underlines the group's intention of becoming a global market leader in premium products and services to the oil and gas industry.
Info Asset will be aligned with previously acquired Storecore to create Reservoir Group Data Management.
This division, with facilities in both Aberdeen and London, will employ about 15 staff and generate over $5 million revenue in its first year. It will offer proven and innovative data management solutions to UK and international clients.
Established in 2002, InfoAsset, was originally formed from a business that has over 25 years experience. It specialises in the provision of data management and information services to the international oil and gas exploration and production market.
Storecore specialises in the storage and handling of core samples. These rock samples when analysed by geologists help oil and gas operators pinpoint the location of hydrocarbon reserves and how best to exploit them.
Pascal Bartette, chief executive officer of Reservoir Group, said, "Oil and gas companies invest considerable resources in the creation, delivery, protection and management of geotechnical data assets. By combining the services of Storecore with those of InfoAsset, we effectively create a comprehensive data management solution that is unique in the industry.
"This, our fifth acquisition in half a year, demonstrates our serious ambition of rapidly becoming a major player in the oilfield service industry. While our growth is dramatically boosted by the acquisitions we are also starting to benefit from the synergies existing between the group companies and the widening of the client portfolio through our increasing international network."
As with all the companies joining Reservoir Group, InfoAsset's directors -- John Knowles and Chris McCarthy -- will remain with the company and drive the new business opportunities that Reservoir Group Data Management will offer as a result.
"We are already looking at two further acquisitions to bolster the Reservoir Group Data Management capability and believe there is huge growth potential in this area for an expanded service offering," added Bartette.
This transaction comes hot on the heels of the group's acquisition of Extreme Machining in Australia.