Gryphon Oilfield Solutions LLC said on Jan. 3 it has secured an investment to support its continued technological advancements in the completions and down-hole tool sector of the oilfield service industry.
The capital investment comes from Saudi Aramco Energy Ventures, the corporate venturing subsidiary of Saudi Arabia’s national oil company, and CSL Capital Management, a private equity firm with multiple interests in energy and oilfield service companies.
The funds will be used to significantly expand Gryphon’s rapidly evolving dissolvable tool portfolio and support on-going commercialization activities.
“Gryphon Oilfield Solutions is excited for the opportunity to work with Saudi Aramco in developing the next generation of completion tools,” Ben Weber, CEO of Gryphon, said.
Gryphon said its primary focus is on developing “solution-based” technology that addresses challenges facing operators in conventional and unconventional oil and gas plays around the world.
“The integration of dissolvable metals and elastomers will be the driver to lower completion costs without sacrificing reliability. This partnership will drive our tool development to meet the needs of difficult environments and deliver completion solutions that will be useful throughout the world,” Weber added.
Recommended Reading
Martin Midstream Terminates Merger Agreement Following Pushback
2024-12-29 - Martin Midstream Partners will continue operating as a standalone publicly traded company following termination of its deal to merge with Martin Resource Management Corp.
NOG: Company Not in ‘Formal Negotiations’ to Buy Granite Ridge
2024-12-23 - Northern Oil and Gas, responding to media reports that it has made two offers for Granite Ridge Resources, said it’s not engage in formal negotiations to buy the company.
Reuters: Northern Oil and Gas in Bid to Acquire Smaller Rival Granite Ridge, Sources Say
2024-12-20 - Northern Oil and Gas has made an acquisition offer for Granite Ridge Resources, according to people familiar with the matter.
STEP Energy Services Drops Go-Private Deal as Shareholders Balk
2024-12-20 - STEP Energy Services has terminated its agreement with ARC Energy Fund 8 to go private in an all-cash transaction for CA$5 per share.
Allete Gets OK From FERC for $6.2B Sale to Canada Pension Plan, GIP
2024-12-20 - Allete Inc. announced its acquisition by the Canada Pension Plan Investment Board and Global Infrastructure Partners in May.