P2 Enters Pacific Rim Spot With $45 Million Acquisition Of ISS Group
Acquired the production operations provider including the BabelFish product suite.
P2 Energy Solutions snapped up ISS Group Ltd., a production operations provider used by companies such as Chevron, Hess Corp. and BP, for $45 million in a deal finalized Aug. 4.
ISS owns the BabelFish product suite, which is focused on the production operations domain and features complex event processing, notifications, data analysis and real-time visualizations.
Combining Australia-based ISS Group's production capabilities with P2's back-office land and hydrocarbon accounting solutions will create a platform that improves the upstream process from land exploration through the well life cycle, P2 said.
The acquisition also puts the company on footing to be among the best business technology providers for oil and gas companies through integrated operations, the company said.
“The addition of ISS Group’s technology significantly strengthens P2’s ability to serve and connect both the highly technical needs of engineers in the field to the business-driven needs of the back office,” said Charles Goodman, P2’s president and CEO. “We're equally as excited about the over 100 employees that are joining the P2 family around the globe. This expansion provides a significant P2 presence in the Asia Pacific region and the ability to better serve the growing energy industry in the region.”
ISS Group's technology will enable P2 customers and the industry services such as:
• Aggregation of data from disparate systems to enable conditional and event-driven management across upstream processes.
• Operational transparency measures that present mission-critical information from production operations to the rest of the enterprise for business analysis.
• Well production surveillance that monitors for deviations from predetermined settings and provides real-time alerts for corrective action, and much more.
P2 announced its intent to acquire ISS in June for AUD $0.33 per share. At the time, Richard Pang, ISS’ CEO, said, “ISS speaks to the needs of engineering and operations, while P2's broad solution portfolio offers best-in-class business solutions.”
“As the industry evolves and the pace of operations quickens, integrated technology solutions are needed in order for customers to make more informed decisions faster and get the most out of their exploration and production investments,” he said.