M-I acquires BW Group

M-I LLC, Houston, acquired BW Group PLC, an Aberdeen-based provider of drilling and completion fluids and other well-related chemicals to the North Sea market. The purchase price was not disclosed.

Aug. 22, 2001

By the OGJ Online Staff

HOUSTON, Aug. 22 -- M-I LLC, Houston, has acquired BW Group PLC, an Aberdeen-based provider of drilling and completion fluids and other well-related chemicals to the North Sea market.

The purchase price was not disclosed. BW reported revenues of $11.3 million for the first half of 2001.

M-I will integrate BW into its existing UK operations.

Loren Carroll, president & CEO of M-I, said, "The acquisition, along with the opening of our state-of-the-art research center in Aberdeen, demonstrates M-I's commitment to the UK drilling sector and provides a solid and substantial base for future growth."

M-I is owned 60% by Smith International Inc., Houston, and 40% by Schlumberger Ltd., New York.