Aker Solutions ASA : Aker Solutions acquires managed pressure drilling
specialist Managed Pressure Operations (MPO)
27 February 2013 - Aker Solutions has acquired Managed Pressure Operations
International, Ltd. (MPO), a company that has successfully developed the next
generation of continuous circulation, riser gas handling and managed pressure
Aker Solutions acquires managed pressure drilling specialist Managed Pressure
OperationsThe acquisition places Aker Solutions at the forefront of technology
development in the market for managed pressure drilling (MPD) which is seen as
a key technology enabling better drilling performance and safety. MPO has also
developed a new generation riser gas handling system to capture and safely
handle gas in the riser.
The company currently employs 100 people in operating subsidiaries in
Singapore, Dubai, Jakarta and Houston. These will join Aker Solutions' more
than 3 000 drilling technologies experts all over the world. MPO's revenues
are expected to continue to increase sharply in the coming years, from revenue
of around US $30 million in 2012.
"MPO has proven technically-superior products and the ability to adapt and
cater to a client's specific needs. We are pleased to include their offerings
in Aker Solutions' portfolio of products, systems and services. The company
has a solid reputation as both a product and a service provider, and already
provides services to major drilling contractors and oil companies," said Thor
Arne Håverstad, head of Aker Solutions' drilling technologies business.
Safe and efficient
MPO provides in-depth knowledge and technologies within the emerging MPD
segment. The main rationale for using managed pressure drilling is to improve
safety and efficiency, enable access to new fields with challenging drilling
conditions, and enhance the life of mature fields. Aker Solutions aims to
integrate the MPO MPD system in its rig design and will supply the equipment
as part of complete drilling packages to offer clients state of the art
"Managed pressure drilling is a key safety technology for exploration
drilling, high pressure high temperature prospect development, ultra deepwater
of pre-salt carbonate reservoirs, as well as a drilling efficiency tool when
used consistently like other game changing technologies like the top drive,"
says Charles Orbell, who co-founded MPO in 2008.
MPO's riser gas handling system will improve the safety and performance of
current floating rig drilling technologies.
"Currently, deepwater exploration drilling is exposed to challenges related to
the issue of small gas volumes with high pressure flowing into the riser and
escalating through the riser to the surface, causing potentially dangerous
'gas-kicks'. MPO has developed a riser gas handling system that includes a
quick closing annular blow-out preventer connected to the top of the riser,
which can capture and safely transfer this gas off the rig," said Christian
Leuchtenberg, co-founder and chief technology officer of MPO.
The transaction has been closed.
For further information, please contact:
Ivar Simensen, Acting Chief Communication Officer, Aker Solutions. Tel: +47 67
59 41 90, Mob: +47 46 40 23 17, E-mail: email@example.com
Lasse Torkildsen, SVP Investor Relations, Aker Solutions. Tel: +47 67 51 30
39, Mob: +47 91 13 71 94, E-mail: firstname.lastname@example.org
For further information about sourcing and potential subcontracts for this
project, please visit www.akersolutions.com/suppliers
Aker Solutions provides oilfield products, systems and services for customers
in the oil and gas industry world-wide. The company's knowledge and
technologies span from reservoir to production and through the life of a
Aker Solutions brings together engineering and technologies for oil and gas
drilling, field development and production. The company employs approximately
27 500 people in more than 30 countries. We apply the knowledge and create and
use technologies that deliver our customers' solutions.
Aker Solutions ASA is the parent company in the group, which consists of a
number of separate legal entities. Aker Solutions is used as the common brand
and trademark for most of these entities. In 2011 Aker Solutions had
aggregated annual revenues of approximately NOK 36.5 billion. The company is
listed on the Oslo Stock Exchange.
This press release may include forward-looking information or statements and
is subject to our disclaimer, see www.akersolutions.com.
This announcement is distributed by Thomson Reuters on behalf of Thomson
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applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Aker Solutions ASA via Thomson Reuters ONE
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