An Aberdeen drilling technology firm has been snapped up by National Oilwell Varco (NOV) for an undisclosed sum.
Axiom Process, which specialises in the development and manufacturer of “solids control technologies” for oil and gas drilling, was owned by its founder Marshall Bailey.
The firm, which was founded in 2001, had 41 employees in 2015 with offices at ABZ business park in Dyce, a manufacturing facility in Brechin and an office in Dubai.
Houston-headquartered NOV, which provides equipment and components used in oil and gas drilling and production, said Axiom’s “shale shaker” technology would compliment its own range of products used onshore and off to separate drilled solids from liquids.
It said Axiom’s “unique” design would allow it to deliver “next-generation” shale shakers as well as allows current Axiom customers to benefit from its “expansive global distribution and service infrastructure”.
NOV, which includes trading divisions such as Elmar, Well Site Services, Coil Services (North Sea), Hydra Rig and Procon Engineering, reported a net loss of $2.41billion (£1.9billion) in 2016, on annual revenues of $7.25billion.