North-east energy service firm Reservoir Group announced another acquisition yesterday.
It has bought London-based InfoAsset for an undisclosed sum in its fifth deal in six months.
InfoAsset, which was formed in 2002 and has a handful of employees, specialises in the provision of data-management and information services to the oil and gas industry.
This latest acquisition will lead to the creation of a new data-management division within Reservoir.
InfoAsset will work alongside the group’s Storecore company to create Reservoir Group Data Management. Storecore specialises in the storage and handling of core samples, which can be used to pinpoint the location of hydrocarbons.
The new division, with sites in Aberdeen and London, will employ about 15 staff and generate more than £3million of turnover in its first year. Reservoir Group chief executive Pascal Bartette said: “Oil and gas companies invest considerable resources in the creation, delivery, protection and management of geotechnical data assets.
“By combining the services of Storecore with those of InfoAsset, we effectively create a comprehensive data-management solution.
“This, our fifth acquisition in half a year, demonstrates our serious ambition of rapidly becoming a major player in the oilfield service industry. While our growth is dramatically boosted by the acquisitions, we are also starting to benefit from the synergies existing between the group companies and the widening of the client portfolio through our increasing international network.
“We are already looking at two further acquisitions to bolster the Reservoir Group Data Management capability and believe there is huge growth potential in this area for an expanded service offering.”
Whitecairns-based Reservoir was set up in 2007 when SCF Partners backed a management buyout of Corpro to provide a platform from which to build a global business focused on downhole drilling products and services, with projected annual turnover of more than £150million in five years.