Airborne Oil & Gas (AOG) raised US$26 million (€23 million) in a series C investment round from both new and existing shareholders.
(SAEV) joins the shareholder base with an investment of $11 million (€10 million).
SAEV is the corporate venturing arm of Saudi Arabian Oil Co., the world’s largest oil company that accounts for approximately 12% of global oil production.
The funds raised will enable AOG to further focus on growing the business, including product development, qualification, expanding its manufacturing capacity and increasing its sales force.
For its product design and manufacturing, AOG has obtained a number of DNV GL qualifications, as well as product qualifications from several leading operators such as Chevron, Petronas and Shell. The significant cost-saving benefits of its products and the company’s field proven track record and blue chip client base which includes Statoil, Saipem, OneSubsea and Total, provide the conditions for strong growth going forward.
Eric van der Meer, CEO Airborne Oil & Gas said: “We are very pleased to have secured this latest funding. We feel strongly supported by our shareholders and see the current investment as further evidence that our products and capabilities can make a large contribution to the industry’s need to structurally reduce costs. We are happy to welcome SAEV as a new shareholder. Their specific needs offer us an opportunity to further expand our product offering and grow business volume. AOG is seen as a game changer, significantly reducing capex and operational expenditure, while enhancing reliability. Even in the current low oil price environment with its rather challenging market conditions our strong business potential is recognized, as emphasized by our ability to raise significant funds under current circumstances.”