Acquired operating assets of the oil and gas technology company.
Produced Water Absorbents Inc. (PWA) and its subsidiaries announced Nov. 18 the completion of a $9.2 million acquisition of the operating assets of oil and gas technology company ProSep Inc.
PWA are launching a combined portfolio of patented solutions to treat oil, natural gas and produced water.
The company will now operate the business units as PWA-ProSep and will relocate its headquarters and laboratory to new premises on the Bingle Road area of Houston with supporting manufacturing and assembly facilities at a separate site in the city. The company's global reach will include regional offices in Aberdeen, Scotland and Kuala Lumpur, Malaysia.
PWA-ProSep can now offer the most comprehensive portfolio of patented solutions to treat oil, natural gas and produced water - a growing challenge for global oil and gas operators.
"We have huge ambitions for this new entity as we understand the challenges that oil and gas operators face in managing crude oil, water and gas streams and keeping in compliance with environmental regulations. Our groundbreaking technology and leasing experience combined with a wide product portfolio, fabrication facilities and geographic spread means we can offer a truly unique lifecycle approach to treating oil, natural gas and produced water," Neil Poxon, CEO of PWA-ProSep, said in the release.
Combined, the organization employs 90 people with plans to hire up to 20 additional employees in the first year.
In May this year PWA launched to market its revolutionary regenerable absorption media used for the treatment of oilfield water and gas streams. Osorb® Media allows clients to meet and surpass stringent new environmental and discharge regulations.
The regeneration capability of the Osorb® Media sets it apart from other water treatment techniques by drastically reducing the costs of media replacement and also decreasing the amount of waste to be transported and disposed. Osorb® Media has the ability to remove free, dispersed, emulsified and soluble hydrocarbons from water and gas streams.
The equity for the transaction was provided PWA's existing investors led by Energy Ventures with offices in Norway, Aberdeen, and Houston and Harris and Harris Group Inc. with offices in New York City and Palo Alto, Calif. Debt finance is being supplied by Comerica Bank's technology and life sciences group for the acquisition and continuing financial needs.
Produced Water Absorbents Inc. is a global technology company providing produced water treatment solutions and services to the oil and gas industry. The company is based in Houston.