Oilfield automation company GlobaLogix has made its first acquisition with the purchase of the satellite services division of Blast Energy Services. Financial details were not disclosed.
Under the terms of the deal, GlobaLogix will take over the…
Oilfield automation company GlobaLogix has made its first acquisition with the purchase of the satellite services division of Blast Energy Services. Financial details were not disclosed.
Under the terms of the deal, GlobaLogix will take over the division’s existing client base, contracts and inventory as well as operation of the Network Operations Center.
GlobaLogix said that the transaction will allow the company to expand its business model. Blast Energy Services’ satellite division creates communications solutions for the energy industry that support SCADA (supervisory control and data acquisition) networks for pipelines, wellhead automation, drilling rigs and business continuity applications.
Blast had been looking to offload the unit for some time as it focuses on becoming an oil producer. To that end, Blast acquired a number of properties over the past year and will use proceeds from the satellite services sale to help fund the purchases of additional oil fields.
