HOUSTON--(BUSINESS WIRE)--Managed Pressure Operations International Ltd. (“MPO”), an oilfield services and technology company, with locations in Singapore, Dubai, Houston, and Indonesia, announced today that it was acquired by Aker Solutions, a global oilfield services provider. MPO, a company that provides technologically advanced and cost-effective continuous circulation and managed pressure drilling (“MPD”) systems, was an NGP Energy Technology Partners (“NGP ETP”) portfolio company. NGP ETP, a private equity firm that manages approximately $500 million in capital commitments, focuses on investments in energy technology and service companies. MPO was advised by investment bank Tudor, Pickering, Holt & Co. and the law firms of BoyarMiller and Schjodt. Terms of the deal were not disclosed.
MPO has successfully developed the next generation of continuous circulation, riser gas handling and managed pressure drilling systems. The acquisition places Aker Solutions at the forefront of technology development in the market for MPD which is now viewed as a key technology enabling better drilling performance and safety. The company has also developed a new generation riser gas handling system to capture and safely handle gas in the riser.
“NGP ETP has been a great partner to MPO since its formation and has provided financial resources and strategic advice to the company to help it manage its accelerated growth and continual development of specialized drilling solutions,” said Charlie Orbell, Chief Executive Officer of MPO.
“It has been exciting to be a part of MPO’s rapid growth and been impressive to watch the team develop and deliver innovative MPD solutions to the industry,” said Michael LeBourgeois and Bruce Schulman with NGP ETP. Phil Deutch, Managing Partner of NGP ETP, said “Investing in oil and gas technologies is a core component of our overall investment strategy and an area in which we are able leverage our affiliation with Natural Gas Partners and continue to have success.”
About NGP Energy Technology Partners
NGP Energy Technology Partners ("NGP ETP") invests equity capital for growth and buyout transactions in companies that provide products and services to the oil and gas, power, energy efficiency, and alternative energy sectors. Founded in 2005, NGP ETP manages approximately $500 million in committed capital and is led by investment professionals that have extensive experience investing in virtually all types of energy and energy technology. The investment team strives to partner with strong, experienced management teams and work with them to create significant value. NGP ETP is an affiliate of NGP Energy Capital Management (“NGP ECM”). Founded in 1988, NGP ECM is a premier investment franchise in the natural resources industry, which together with its affiliates has managed approximately $13 billion in cumulative committed capital since inception. NGP ECM’s investment platform includes Natural Gas Partners, NGP Global Adaptation Partners, NGP Capital Resources Company (NASDAQ: “NGPC”) and NGP Energy Technology Partners. NGP ETP is headquartered in Washington, D.C. and has an office in New Orleans, LA.