Page 12 - NorthAmOil Week 37

NorthAmOil
NEWS IN BRIEF
NorthAmOil
suite of midstream infrastructure solutions to our upstream customers and downstream markets. We are very pleased with our commercial success to-date as we continue to add high quality customers to the system.”
LM Energy was previously referred to as Longhorn Midstream.
LM ENERGY HOLDINGS, September 13, 2019
SERVICES
Cold Bore Technology closes second round of investment from Rice Investment Group
Global leader in completion optimisation technology, Cold Bore Technology today announced that it has secured a second round of strategic growth funding from Rice Investment Group (RIG).
Proceeds from the financing will be used to scale Cold Bore’s teams and technology to meet the considerable market demand being seen for its platform. In the past six months, the company has signed and executed service agreements for its SmartPADTM technology with fracking operators throughout North America, including six of the top 10 producers.
“The E&P business model is shifting from production growth to delivering sustainable shareholder returns through efficient resource development.” said Derek Rice, Partner at Rice Investment Group. “An operator’s completion activity typically accounts for over 70% of its capital budget and can be a source of dramatic cost reduction with the right digital solutions. Cold Bore has developed a differentiated platform that goes beyond simple data aggregation, identifying tangible cost savings that immediately add value to the bottom line.”
Cold Bore’s SmartPADTM uses a patented combination of valve positioning and pressure monitoring sensors, field data collection
systems and proprietary software to fully digitize completions operations. Its industrial IoT platform allows, for the first time, real-time operational data to be remotely accessed from anywhere in the world by those monitoring onsite activity.
“Having RIG increase their position in Cold Bore at this time is further validation of what we’re building and the industry’s appetite for our technology.” said Cold Bore President, Brett Chell. “We look forward to continuing our close working relationship with the RIG team and are in an exceptional position to capitalize on the strong business momentum we’ve created over the last six months.”
COLD BORE TECHNOLOGY, September 11, 2019
‘Positive’ outlook for the
global oil and gas PPE
landscape
The outlook for the uptake of personal and protective equipment (PPE) in the oil and
gas (O&G) industry looks promising with
the expansion of O&G activities through
new global projects, improved stability and the presence of many occupational hazards. Vendors should focus on developing a global presence, multiproduct offerings, and close customer interactions to harness current growth opportunities. Frost & Sullivan expects the mature O&G PPE market to grow at a compound annual growth rate (CAGR) of 3.7% to reach $7.59bn by 2023.
“The competitive structure of the PPE market is expected to be highly dynamic as market participants scramble to gain market share through aggressive consolidation, adopting smart and wearable PPE, and investing in connected work technologies,” said Arun Ramesh, Research Manager, Visionary Science, Frost & Sullivan. “The creation of distribution networks, product differentiation, and better post-purchase services will be critical to secure growth opportunities and provide a competitive edge.” FROST & SULLIVAN, September 10, 2019
Weatherford announces
confirmation of plan of
reorganisation
Weatherford International plc, Weatherford International Ltd., and Weatherford International, LLC announced today that
the United States Bankruptcy Court for the Southern District of Texas issued an order confirming Weatherford’s second amended joint pre-packaged plan of reorganisation of Weatherford International plc and its affiliate debtors under Chapter 11 of the United States Bankruptcy Code. The company expects that the effective date of the plan will occur before year-end.
WEATHERFORD INTERNATIONAL, September 13, 2019
Basic Energy Services
announces leadership
changes
Basic Energy Services today announced
that T.M. “Roe” Patterson, the company’s president and chief executive officer and a member of its board of directors, notified the company that he plans to transition away from the company to pursue other business opportunities.
The company has begun an executive search for a new chief executive officer. Mr. Patterson will continue to serve as president and chief executive officer of Basic, and as
a member of the board, while the company conducts a search for his successor, and will remain with Basic in an advisory capacity for a period of time after his replacement
is chosen to facilitate an orderly transition. Once his successor is chosen, Mr. Patterson will resign from his position on the board as well.
Additionally, the company announced that Julio Quintana, a current independent director of the company, will take on the additional role of chairman of the board, effective September 13, 2019.
Mr. Quintana became a member of the Board in 2016. Timothy Day, who has served as a member of the board and chairman since 2016, will continue to serve as a director of the company and as chair of the compensation committee of the board.
BASIC ENERGY SERVICES, September 13, 2019
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Week 37 17•September•2019