Schlumberger To Absorb Dynamic Modeling Software Company

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Description

To acquire Norway-based software company specialized in dynamic modeling of multiphase flow & reservoir optimization for the oil & gas industry.

Schlumberger Ltd., Houston, (NYSE: SLB) plans to acquire Norway-based SPT Group from privately owned, Copenhagen-based Altor Fund II for an undisclosed price.

SPT Group is a software company specialized in dynamic modeling of multiphase flow and reservoir optimization for the oil and gas industry. The company provides a combination of software and consulting services for multiphase flow and reservoir engineering applications. SPT Group operates in 11 countries worldwide.

Schlumberger Information Systems president Tony Bowman says, “The dynamic modeling and reservoir optimization software of SPT Group will complement the existing Schlumberger production software portfolio. In combination with the Petrel E&P software platform and other SIS technologies, this will enable customers to further optimize production from reservoir performance to processing facilities.”

SPT Group chief executive Tom Even Mortensen says, “Combining the skills, abilities, presence and technologies of the two companies will further increase the scale of our activities and enable continued delivery of products and services with the quality and pace the market demands.”