Managed Pressure Operations (MPO), an oilfield services and technology company, has been acquired by Aker Solutions, a global oilfield services provider.
MPO, a company that provides continuous circulation and managed pressure drilling (MPD) systems, was an NGP Energy Technology Partners portfolio company.
NGP ETP, a private equity firm that manages approximately USD500m in capital commitments, focuses on investments in energy technology and service companies. MPO was advised by investment bank Tudor, Pickering, Holt and the law firms of BoyarMiller and Schjodt. Terms of the deal have not been disclosed.
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.
“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 specialised drilling solutions,” says 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,” say Michael LeBourgeois and Bruce Schulman with NGP ETP.
