Schlumberger announces agreement to acquire SPT Group
Wednesday, March 21, 2012
- Schlumberger announced that it has entered into an agreement with Altor Fund II to acquire SPT Group-a privately owned software company specialized in dynamic modeling for the oil and gas industry.
The company provides a combination of software and consulting services for multiphase flow and reservoir engineering applications. Closing is subject to customary regulatory approvals.
'The dynamic modeling and reservoir optimization software of SPT Group will complement the existing Schlumberger production software portfolio,' said Tony Bowman, President, Schlumberger Information Solutions (SIS). 'In combination with the Petrel* E&P software platform and other SIS technologies, this will enable customers to further optimize production from reservoir performance to processing facilities.'
'This is a great testament to our employees and a remarkable opportunity for the company,' commented Tom Even Mortensen, Chief Executive Officer of SPT Group. He continued, 'Combining the skills, abilities, presence and technologies of the two companies will further increase the scale of our activities and enable continued delivery of products and services with the quality and pace the market demands.'
SPT Group Chairman and Altor Partner Reynir Indahl added, 'We are proud to have developed a very successful company together with SPT Group management, and believe that Schlumberger will be a great home for SPT and its employees.'
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