Cubility bought by Triton Partners

OE Staff Published Mar 25, 2014 9:13 am ET

Norwegian oil services technology firm Cubility AS has been bought from private equity firm Energy Ventures by a Triton Partners fund.

The firm, based in Sandnes, has developed MudCube, a solids control and waste management system for drilling operations.

MudCube was designated a Proven Technology by Statoil in 2012. Its clients, among others, include Maersk Drilling, Statoil, Dong, Talisman, Saipem and Chevron.

The acquisition is Triton’s first in the oilfield services segment.

“The Triton acquisition brings in industrial experience and financial strength to the company, enabling us to access and support a larger portion of the market", says Even Gjesdal, Cubility CEO.

The completion of the share purchase is expected to take place mid-April.

Triton's funds invest in medium-sized businesses headquartered in Northern Europe - with a focus on Germany, Switzerland, Austria and the four Nordic countries: Denmark, Finland, Norway and Sweden.

Founded in 1997, Triton currently has 24 companies in its investment portfolio, with combined sales of about 13 billion Euro and more than 55,000 employees.

Cubility’s MudCube system replaces traditional shakers with a single enclosed system. The totally enclosed system uses the principles of vacuum and conveyer belt, which means there are no emissions of oil mist or vapor and no low frequency vibrations with associated noise levels.

To date, the MudCube has been introduced to drilling sites in the North Sea, UK, Brazil, US land, and the Middle East. Its first commercial installation was onboard the Mærsk Giant and was ready for operations in Q3 of 2012.