RESERVOIR GROUP ANNOUNCES ACQUISITION OF MAJOR CANADIAN OILFIELD SERVICES COMPANY
 
International oilfield services company, Reservoir Group, has announced the acquisition of the assets and business of Canada Tech from IROC Energy Services Partnership (IROC).
 
The deal demonstrates that Reservoir Group remains on track to achieve its ambition of becoming the recognized specialist in the fields of drilling, completion and production and physical and digital data management to the worldwide oil and gas industry.
 
Canada Tech specialises in the design, development and manufacture of a wide line of tools and systems that measure pressure, temperature and other attributes in the downhole and surface environment of oil and gas wells. It was the only remaining technology services business operated by IROC, with the other technology businesses being divested in 2009.
 
The acquisition will add another dimension to Reservoir Group’s Well Monitoring division, composed until now of the company Omega Data Services Ltd. Based in Aberdeen, Omega specialises in the manufacture and supply of ‘run-it-yourself’ downhole memory tools that reduce costs for oil companies and service operators.
 
Reservoir Group chief executive officer, Pascal Bartette commented: “We welcome Canada Tech and its employees to the Reservoir Group club. Canada Tech has developed leading technical solutions for well monitoring which complement the first class solutions already available from our existing group company, Omega Data Services.
 
“With increasingly complex well completions, understanding downhole conditions is critical to maximising value from the reservoir. The combination of Reservoir Group’s international network and advanced monitoring solutions offers tremendous opportunities to our well monitoring business line.
“We are truly excited about the potential of the combined businesses, who have very little overlap but rather complementary services.” 
 
Tom Alford, president and chief executive officer of IROC commented: “Reservoir Group is an emerging global market leader in downhole tools, technologies and associated sub-surface services with an international footprint which should help drive forward and enhance Canada Tech’s opportunities worldwide. We believe that this is the best outcome for Canada Tech’s employees, customers and the IROC stakeholders.”
 
He added: “The sale of Canada Tech completes the divestiture of the last business in IROC’s technology services business segment and will allow our management team to focus IROC’s strategy on continuing to grow our various drilling and production services businesses, which include Eagle Well Servicing, Aero Rental Services and Helix Coil Tubing.”
 

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