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Success of solids control system, MudCube, attracts investors to Norwegian oil services company

25th March 2014

A Swedish investment group has bought Norwegian research and develop firm, Cubility AS, following the commercial success of their pioneering oil-services technologies.

 

A Swedish investment group has bought Norwegian research and develop firm, Cubility AS, following the commercial success of their pioneering oil-services technologies.

Stockholm-based Triton group have entered into an agreement to buy Cubility from Energy Ventures next April after industry recognition of its flagship technology, MudCube.

MudCube is a compact and lightweight solids control system that employs vacuum systems to eliminate the traditional process of shaking fluid and solids.

Dag W.R. Strømme, advisor to Triton, has said: “Cubility’s technology is impressive, and I believe we have only seen the beginning of its commercial breakthrough. We look forward to supporting Cubility in its effort to grow its market and business over the coming years.”

Cubility has sold its products to many of the major global oil and gas companies including Maersk Drilling, Statoil, Dong, Talisman, Saipem and Chevron.

“The Triton acquisition brings in industrial experience and financial strength to the company, enabling us to access and support a larger portion of the market,” said Even Gjesdal, Cubility CEO.

This is Triton’s first venture into the oil and gas services sector.

MudCube has been has been used at drilling sites in the North Sea, UK, Brazil, U.S. and the Middle East

Cubility was awarded ‘New venture of the year’ by Rystad Energy for its outstanding achievements on the Norwegian Continental Shelf.

“Cubility is an innovative company with an exciting and proven technology. Triton has extensive experience of helping businesses to accelerate their development, and we look forward to working with CEO Even Gjesdal and his team to help Cubility achieve its potential. Norway is one of our core geographies, and we will be looking to buy more Norwegian businesses in the years to come," said Peder Prahl, Managing Partner of Triton.

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