M-I Announces Acquisition of BW Group plc
biz.yahoo.com
HOUSTON, Aug. 22 /PRNewswire/ -- M-I today announced the acquisition of BW Group plc (``BW Mud''), an Aberdeen-based provider of drilling and completion fluids and other well-related chemicals to the North Sea market. BW Mud, which reported revenues of approximately $11.3 million for the first half of 2001, will be integrated into M-I's existing U.K. operations.
Loren Carroll, President & CEO of M-I, commented, ``We're pleased to finalize the transaction with BW Mud, a company that has a successful history of performance in the North Sea. In combining our technical strengths, we'll enhance M-I's ability to offer value-added solutions in what is one of the most challenging drilling arenas in the world. The acquisition, along with the opening of our state-of-the-art research center in Aberdeen, demonstrates M-I's commitment to the U.K. drilling sector and provides a solid and substantial base for future growth.''
M-I, a leading supplier of drilling and completion fluid systems and services, solids control equipment and waste management services to the worldwide oilfield industry, is owned 60 percent by Smith International, Inc. (NYSE: SII - news) and 40 percent by Schlumberger Limited (NYSE: SLB - news). |
