Purchase of drill tech will open new markets

An Aberdeen oil and gas firm has snapped up a piece of drilling technology for $9.1 million (£6.8m), which it says will allow it to access new markets.

Ardyne, which provides oil field equipment, bought the casing pulling tool (CPT) technology from TIW, a subsidiary of Dril-quip in an all-cash purchase.

Ardyne said the purchase of the intellectual property and certain assets of CPT gives it control over global use and development while licensing back some rights to TIW.

Alan Fairweather, chief executive of Ardyne, which has doubled the size of its workforce to 30 people over the past year, said: “This acquisition gives Ardyne the ability to access new markets and introduce flexible commercial models. Gaining control over the CPT technology is vital to justify further R&D investment.”

Meanwhile, in a separate announcement, oil and gas explorer Chrysaor said it had acquired Spirit Energy’s entire interests in the Armada, Maria and Seymour fields.