Acorn Energy Inc.,
Montchanin, Del., has acquired Coreworx Inc. (formerly Software Innovation Inc.), Kitchener, Ont. The acquisition is a strategic move by Acorn Energy to participate in relieving a major pinchpoint in the ongoing global energy infrastructure boom. Coreworx provides a leading software tool for capital project information management and collaboration, mainly to help manage the construction of major capital projects, including offshore oil production, refineries, mining operations, and power plants around the world. Its flagship product, Coreworx, is a construction collaboration system that supports the entire lifecycle of large capital projects, infusing the resulting asset with intelligence and memory. This integrated solution is designed to dramatically reduce costs and timelines of construction and mitigates legal and financial risks. At the same time, it paves the way for more automated and intelligent plant operations.
Acorn Energy is a publicly traded holding company focused on improving the efficiency of the energy grid and reducing the environmental impact of the energy sector. Acorn’s strategy is to take primarily controlling positions in companies and add value by supporting those companies with marketing, strategy, and business development. Acorn Energy has equity interests in CoaLogix, Comverge, Coreworx, DSIT, Gridsense, Local Power, and Paketeria.
Cascade Controls Inc.,
Tinley Park, Ill., has changed its corporate identity to Cascade Solutions.
Cascade Solutions provides expertise in integrated process, electrical, and automation engineering, as well as data management and IT services for multinational manufacturing companies. The company generally targets highly regulated process industries that are intensive in their documentation and data requirements, such as chemicals, specialty chemicals, and life sciences.
Aggreko,
Houston, has acquired Power Plus Rentals & Sales, Edmonton. The expansion supports Aggreko’s strategy of growing its core business in rental power and temperature control to serve Western Canada, particularly the booming oil sands industry. The acquisition provides Aggreko with access to skills and experience in designing and operating equipment in extremely cold environments, including remote camp sites, and strengthens its ability to serve oil and gas and refining customers. The acquisition will bring 34 Power Plus employees into Aggreko’s Western Canada business. David Lassu, proprietor of the Power Plus business, has agreed to work with Aggreko as a consultant over the next 2 years.
Aggreko is a global leader in temporary power, temperature control, and oil-free compressed air solutions.
Power Plus provides specialized rental power solutions to businesses in the Athabasca oil sands in Alberta and Saskatchewan.
China Gengsheng Minerals Inc.,
Gongyi, China, has signed a fracture proppants supply contract with Huabei Oil Management Co. in Renqiu, Hebei Province, China. Gengsheng will start shipping a total of 1,000 tons of high-density, bauxite-based fracture proppants immediately through July 31, 2009. During first half 2008, China Gengsheng signed a total of $5.3 million in contracts to supply fracture proppants to major Chinese oil companies, including China National Petroleum Corp., China National Offshore Oil Corp., and China Petroleum & Chemical Corp.
China Gengsheng develops, manufactures, and markets a broad range of high-tech industrial material products, including monolithic refractories, industrial ceramics, and fracture proppants.
Synthesis Energy Systems Inc.,
Houston, has announced that its 95%-owned joint venture project with Shandong Hai Hua Coal & Chemical Co. Ltd. (SHHCCC) obtained key Chinese government approvals for the Phase II expansion of its Hai Hua project in Zaozhuang City, Shandong Province, China. The Hai Hua plant is using SES’ U-GAS technology to convert local low-rank coal, with roughly 40% ash content, into high-grade syngas. The Phase II expansion will boost production capacity by 17,000 standard cu m/hr of high-grade syngas to 45,000 scm/hr to support production of 100,000 tonnes/year of methanol as well as other syngas needs at Xuecheng Industrial Park. Project approvals were issued by divisions of the State Environmental Protection Administration and the National Development and Reform Commission. SES is currently negotiating agreements, including ownership in the methanol facility, with SHHCCC as well as other customers for the additional syngas capacity. SES expects to finalize project terms and begin work on the Phase II expansion later this year.
SES is an energy and technology company that builds, owns, and operates coal gasification plants that utilize its proprietary U-GAS fluidized bed gasification technology to convert low-rank coal and coal wastes into higher-value energy products, such as transportation fuel and ammonia. SES licenses the U-technology from the Gas Technology Institute.
ION Geophysical Corp.,
Houston, has announced the retirement from its board of Sam K. Smith. A director since 1999, Smith served as the company’s CEO from 1999 to 2000. He has also served on the ION board compensation committee since 2005. The ION board now consists of six nonemployee directors and CEO Bob Peebler, and a new board member will be appointed to replace Smith during the next few months.
ION also recently announced a definitive agreement to acquire all of the outstanding shares of ARAM Systems Ltd., a Canadian-based provider of cable-based land seismic recording systems, and its affiliate company, Canadian Seismic Rentals Inc., for $350 million (Can.) in cash and ION common stock.
ION, formerly Input/Output, is a leading provider of geophysical technology, services, and solutions for the global oil and gas industry. ION’s offerings allow E&P operators to obtain higher-resolution images of the subsurface to reduce the risk of exploration and reservoir development and enable seismic contractors to acquire geophysical data more efficiently.
Endicott Biofuels II LLC (EBF),
Houston, has named David M. Robinson to the newly created position of chief executive officer. He brings to Endicott more than 25 years of experience in petroleum refining, petrochemicals, and toll chemical manufacturing, refining, and technology. Of special note is his experience with both specialty fuels and intellectual property rights, which aligns well with EBF’s portfolio of biofuels patents and its unique approach to the production of biodiesel. Previously, Robinson served as vice-president of engineering and production for Carbon Nanotechnologies Inc./Unidym, where he led all aspects of carbon nanotube process development and production. He also served as president and chief operating officer for Howell Hydrocarbons and Chemicals/Specified Fuels and Chemicals/Haltermann, where he led the specialty refining and toll chemical manufacturing company. In addition, he has worked as an independent consultant with clients in petroleum refined products, specialty petroleum solvents, and recycled industrial oils, and served as president of Howell Hydrocarbons, which produced and marketed a full line of refined petroleum products. Robinson has a BS in chemical engineering from Princeton University.
EBF is a diversified biofuels technology company that is developing exclusive, second-generation biodiesel technology. It 11 patents pending for biofuel production and application.
Curtiss-Wright Corp.,
Roseland, NJ, has secured a contract from Global Supplies, Dubai, for 10 top and bottom DeltaGuard automated coke drum unheading systems for installation at the 21,000 b/d Essar Oil Vadinar refinery at Gujarat, India, by October 2009. The DeltaGuard device safely opens the top or bottom of a coke drum during the delayed coking process, which generates extreme temperature and pressure conditions. Unlike other unheading systems, the remotely operated DeltaGuard system creates a totally enclosed coking system, eliminating safety risks to personnel during the unheading process. With the Essar installation, the total number of installed DeltaGuard systems will rise to 254, representing nearly 34% of the worldwide market.
Curtiss-Wright designs, manufactures, and overhauls products for motion control and flow control applications and provides specialized metal treatment services.
Global Supplies is the international procurement arm of Essar Global Ltd., a diversified corporation with a portfolio of assets in a variety of manufacturing and services sectors, including Essar Oil Ltd., a fully integrated oil company in the corporation’s energy sector.
Acteon companies
Claxton Engineering, 2H Offshore, and Subsea Riser Products have received an order from Venture Production PLC to provide an ultrahigh-pressure riser for use during a high-pressure, high-temperature (HPHT) drilling campaign in the North Sea, which is scheduled for fourth quarter 2009. The riser will be the world’s first full-bore access (183/4-in.) riser capable of working at pressures in excess of 12,000 psi. Linked to this, the flanges used to connect the individual pipe sections will be attached using a shrink-fit process—the first time this technology has been used in this application. The riser will enable Venture to drill and complete HPHT subsea wells from a jack up employing a surface blowout preventer (BOP), which will provide significant cost benefits and operational efficiencies. Venture has already contracted Noble Drilling’s Scott Marks jack up, which is currently under construction in China, for the HPHT campaign. As well as acting as the lead contractor, equipment integrator, and offshore service supplier, Claxton will provide a range of ancillary equipment, including an umbilical, wellhead and BOP connectors, a tensioning ring, and a hydraulic power and control system. A team from Claxton will be responsible for running and pulling the riser on the rig, and for its inspection and maintenance. 2H carried out the initial riser design and analysis work, and SRP has led the development of the new shrink-fit technology. SRP is ultimately responsible for supplying the riser, which has 13 main sections plus fatigue-critical, tapered stress and tension joints. Forging the main pipe sections has already commenced at two plants in France and Italy. The flanges will be forged once the main pipes are finished, and then extensive machining will be required before the flanges are shrink-fitted. Once the riser is complete, a detailed testing program will be carried out before delivery to Venture in September 2009. Venture expects to begin using the riser immediately thereafter to drill HPHT development and appraisal wells in several of its Central North Sea assets in water depths to 120 m.
Acteon is a group of specialist engineering companies serving the global offshore oil and gas industry. It focuses on technology that has applications in the vital region between the seabed and the surface production facilities.
Industrial Rubber Products Inc.,
Hibbing, Minn., has entered into a definitive merger agreement with affiliates of Lime Rock Partners, Westport, Conn., and Thompson Street Capital Partners, St. Louis, that provides for the acquisition of Industrial Rubber for $16.50/share in cash. The deal is expected to close in September 2008.
Industrial Rubber is a leading designer, producer, and applicator of protective coatings to pipeline and industrial markets. Since 2006, the company’s revenue has almost doubled, driven in large part by the success of the IRACORE Pipe Systems, which has broad applications to the oil sands and other industries.
Lime Rock is a private equity firm focused on the global energy industry.
Thompson is a private equity firm focused on the manufacturing, distribution, and services industries.
Austin Ventures,
Austin, Tex., has acquired Delta Rigging & Tools, Lake Jackson, Tex. Financial terms were not disclosed. Austin Ventures investment professionals Joe Aragona and Scott Donaldson will join Delta’s board of directors. Delta is the largest one-stop provider of lifting products and services within the large and fragmented domestic lifting equipment and rigging industry. Delta offers a complete portfolio of lifting solutions, including hoists, winches, wire rope, synthetic slings, accessory parts, and hardware as well as testing, inspection, and field services. Delta serves a national footprint of customers and end markets with particular strength in various energy applications throughout the Gulf Coast of Texas and Louisiana.
Austin Ventures is a private equity firm focused on business services, information services, and information technology businesses.
