Axon Energy Products acquires Fluid Design Solutions
Houston (August 4, 2011) Axon Energy Products AS, (Axon) is pleased to announce the merger of Fluid Design Solutions Inc. (FDS) and Fluid Technical Services Inc. (FTS) with its subsidiary Axon Drilling Products, Inc (ADP). Axon is headquartered in Houston, Texas and has manufacturing and service facilities in Houston, Houma, Broussard, Edmonton, Stavanger, Arbroath, Illies, and Abu Dhabi. Axon designs and manufacturers pressure control, well intervention, and drilling products, as well as providing rig concept and design services for a global customer base that includes oil and gas drilling, production, well servicing and workover companies.
Axon Chief Executive Officer, Gary Stratulate, stated “FDS and FTS are a sound strategic fit and will form the core of our drilling products platform. We are extremely pleased to have FDS and FTS as part of the Axon family. FDS and FTS have an industry wide reputation for producing top quality products and service. The resultant company, ADP will engineer, manufacture, recertify and provide aftermarket parts and service for both hydraulic and electric top drives, iron roughnecks, pipe handling equipment and drilling control systems which meet or exceed our customer’s requirements.”
FDS President, Shawn Nielsen, added “We are very excited about bringing FDS and FTS into the Axon family. Over the last ten years our team has made significant strides through innovation and technology to create advanced designs for oilfield equipment. While our products have gained notoriety for increasing productivity and reliability they are now mature designs. To better grow and serve our customer’s needs, we need a partner like Axon to expand our manufacturing and after market capacity. Axon has the global footprint and resources to take us to the next level and make us "The Alternative" globally.”
Axon is partnered with HitecVision, a leading private equity investor specializing in growth stage investments in the European and North American oil and gas sectors. HitecVision’s investor base comprises leading Nordic, European, and North American pension funds, fund of funds, endowments, foundations and family offices, insurance companies and other financial institutions. HitecVision is headquartered in Stavanger and has offices in Oslo and Houston.
For additional information regarding the transaction please contact Jeff Merecka, Chief Financial Officer Axon Energy Products AS, at 281-656-3175
