Roxar ASA acquires Subsea downhole product company PolyOil Limited
Roxar ASA has acquired 100% of the shares in the UK based company PolyOil Limited, a market leader in the design and supply of leading edge polymer based downhole products for the oil and gas industry, and a supplier of polymer umbilical control line protectors for the drilling, completions and subsea sector.
Roxar ASA has acquired 100% of the shares in the UK based company PolyOil Limited, a market leader in the design and supply of leading edge polymer based downhole products for the oil and gas industry, and a supplier of polymer umbilical control line protectors for the drilling, completions and subsea sector. The purchase price is an agreed enterprise value of GBP 4.75 million, adjusted for the net interest bearing debt position as of completion, of which GBP 2.25 million is settled by issuance of new shares in Roxar ASA and the remainder is settled by way of cash payment.
PolyOil has been a profitable company from day one and continues its growth. For the accounting year ended 30 June, 2007, PolyOil had revenues of GBP 2.6 million and EBITDA of GBP 0.7 million.
Through the transaction, Roxar will increase its Downhole product ortfolio for intelligent completions and long reach horizontal wells.
The company will also add products to the Subsea product portfolio, particularly well suited for deep waters. This acquisition demonstrates Roxar’s commitment to providing the best technical solutions for advanced intelligent wells and long reach completions.
PolyOil is a 10 person, UK based company, that has exhibited strong growth and good margins in a technological market segment that Roxar wishes to grow. The company is a market leader in the design and supply of oilfield well products using pioneering polymer technology, and also supplies polymer products such as centralisers and umbilical/control line protectors for the drilling, completions and subsea sector. The polymer based products offer technical benefits and deliver improved performance over the more traditional metal based products.
