EXCELLENCE LOGGING ANNOUNCES INAUGURAL INVESTMENT BY ITS MANAGEMENT AND BLUE WATER ENERGY FOR THE IMMEDIATE ACQUISITION OF THREE COMPANIES HERALDING A NEW TECHNOLOGICALLY-DRIVEN GLOBAL OIL FIELD SERVICE COMPANY.
– Experienced management team led by Bruno Burban and Benoit Debray, former CEO and COO of Geoservices SA respectively.
London July 24th 2015, Blue Water Energy (BWE) announces today the launch of a new oil field service company, Excellence Logging, and the immediate acquisition of three companies forming this new group: DHI Services, GeoRS, and Wilog International.
Bruno Burban leads Excellence Logging’s management team as CEO and has over 30 years’ experience in the oil field service sector, latterly as CEO and Chairman of Geoservices. At the time of its acquisition by Schlumberger in 2010, Geoservices operated a mud-logging, well intervention and field surveillance business spanning 55 countries with over 5,000 employees.
Bruno and Benoit have worked closely with BWE to formulate a value creation strategy for Excellence Logging which is tailored to today’s oil and gas business context. The cornerstone of this strategy is rooted in technological development and geographical deployment. With support from BWE, Excellence Logging is launching an extensive product development program and will also target further acquisitions to expand its footprint, targeting over $100 million in revenue by 2017.
As the world continues to consume oil and gas and reserves deplete at the pace they do, information about hydrocarbon content and extraction properties of wells becomes increasingly critical for decision-making and cost-effective execution. Excellence Logging brings together a dedicated team of experienced professionals focused on improving well control by offering technologically-differentiated formation evaluation and well intervention services.
Bruno Burban, CEO of Excellence Logging commented: “The market is currently going through a cyclical downturn. On one hand, the past years of investment have led to an over-supply of resources. On the other hand, this supply is dependent on reliable production and reserve replacement in increasingly technologically-demanding geological and geographical regions. Our customers need independent service providers who can offer consistent, agile and cost-competitive solutions fit for today’s environment. This is a great time to build a dedicated service business with a differentiated approach to geological problem-solving. With the backing of BWE, Excellence Logging is best positioned to do that.”
Tom Sikorski, Partner of Blue Water Energy, said: “We are delighted to partner with Bruno and Benoit, who have an outstanding track record in this industry, and look forward to replicate their past success in this new venture. The opportunity to create Excellence Logging is both exciting and timely, validating BWE’s strategy to build businesses in the energy sector through a combination of organic and acquisitive growth. ”
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