Aberdeen-headquartered Ardyne, provider of performance enhancing downhole tool technology, has made an $9.1m all cash purchase of the Casing Pulling Tool (CPT) technology from TIW Corporation (TIW), a subsidiary of Dril-Quip Inc.
The purchase of the intellectual property and certain CPT assets gives Ardyne control over the global use and development of the technology while licensing back some rights to TIW.
Ardyne CEO Alan Fairweather 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.”
To assist with Ardyne’s continued expansion within the US market it has recruited Jake Wright as Gulf of Mexico region manager. Previously vice president of operations at Knight Oil Tools, he arrives armed with a wealth of experience. Based in Louisiana, his primary focus will be supporting clients and growing Ardyne’s business in North America.
Established in 2016, Ardyne has doubled the size of its UK workforce over the past year to reach 30 people, and is backed by a £50m investment fund structure from LimeRock.