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Xodus Acquires Dubai Based Prime Energy

Source: www.gulfoilandgas.com 7/2/2013, Location: Middle East

International energy consultancy Xodus Group has acquired the business of Dubai based Prime Energy as part of a major expansion drive in the Eastern Hemisphere.

This is the first acquisition Xodus has made in the Middle East following the launch of its Dubai operations in 2012.

Colin Manson, CEO of Xodus Group, said: "Prime Energy is a great fit for Xodus and with its focus on wells and drilling, it completes the Xodus offering. We now have the full complement of wells, subsurface and surface services to offer our Middle East clients. We hope to make the Middle East operational base one of the largest in the company."

"This is the first major acquisition as part of a significant international expansion drive. Our sights are set on expanding the business in the Middle East, Africa, India and Asia Pacific. Prime Energy has a strong focus in these areas which will open the door to explore further opportunities in these regions."

Prime Energy’s team will form part of Xodus’ subsidiary based in Dubai, Xodus DMCC, which will be renamed Xodus-Prime DMCC.

Prime Energy provides management and advisory services spanning the upstream oil and gas business cycle, including field development and drilling. It is an independent company which, like Xodus, specialises in providing integrated technical and commercial solutions to the global oil and gas industry. The company was founded in 2010 and currently has more than 30 employees and consultants.

Peter Bradley, Director Operations of Prime Energy, said: "Founded by a team with broad experience in the oil and gas services industry, Prime Energy has accomplished strong growth and is serving a global client base with focus on East & West Africa, India and the Middle East. With our integration into Xodus we will be able to deliver to our clients the enhanced capabilities of the combined platforms."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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