Blueback Reservoir and Cegal will be merged to combine and expand their offering and will become a global partner providing innovative petrotechnical solutions for the oil and gas industry.
“This is a big milestone for both companies. By entering into this agreement, we are creating a unique provider for the oil and gas industry. Both companies have separately delivered high growth by focusing on building strong business cultures and unique product offerings in addition to having a passion for what we do. By joining our complementary skills, we will create synergies that will be beneficial for our clients.” said Pål Hovdenak, Chief Executive Officer of Blueback Reservoir.
Both Blueback Reservoir and Cegal have been hugely successful in developing and implementing innovative solutions for clients in their own right. Following the merger, Blueback Reservoir and Cegal will continue to provide efficient work processes using their unique skill set within oil and gas software development, deployment and operation in addition to cloud infrastructure.
Their combined skill set will bring even more value to the market and represent a platform to further develop and acquire complementary services beneficial to their clients. The joint company increased revenues with 50% in 2013, and the forecast for 2014 is NOK 550 million, which is an increase of 25% year on year. Following the merger, the company will have more than 300 employees with offices in Stavanger, Bergen, Oslo, London, Houston, Calgary and Dubai. The merged company will be 52% owned by Norvestor V, L.P. with the remaining 48% being held by employees and board members.
“We have a target of NOK 1000 million in revenues for 2016. To achieve this we need to continue the strong organic growth combined with add on acquisitions in Norway and globally.” said Svein Torgersen, Chief Executive Officer in Cegal and for the newly merged company.
“The basic idea behind our joint success is that we are developing management talents as well as talent within the technical disciplines. Our employees will continue to be seen, heard and acknowledged, and we will give them opportunities to pursue careers they are good at.” concludes Frank Garneng, Deputy Chief Executive Officer in Cegal.
Adapted from press release by Hannah Priestley-Eaton
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/20082014/blueback-and-cegal-join-forces/