Triton Funds acquire drilling operations technology company Cubility
SANDNES, Norway -- Funds advised by Triton have entered into an agreement to acquire Cubility, a Norwegian oil services company specializing in solids control and waste management for the next generation of drilling operations, from Energy Ventures for an undisclosed sum.
The Sandnes-based company has developed MudCube, an innovative solids control and waste management system for drilling operations. MudCube provides cost savings for the oil industry through reduced mud, waste and chemicals consumption and increased automation, as well as significant HSE improvements.
MudCube was designated a Proven Technology by Statoil in 2012, and its clients, among others, include Maersk Drilling, Statoil, Dong, Talisman, Saipem and Chevron. The technology has been adopted across several geographies.
Cubility is Triton’s first oil service investment, and marks the second Triton investment in Norway in nine months, following last summer’s acquisition of Infratek, a Nordic player within critical infrastructure.
The completion of the share purchase is expected to take place mid-April.