Ardyne, the Aberdeen-based provider of performance enhancing downhole tool technology, has made a $9.1-million all cash purchase of the casing pulling tool (CPT) technology from TIW Corporation, a Dril-Quip company.
The purchase of the intellectual property for the CPT – which Ardyne market as the Downhole Power Tool – and certain CPT assets gives Ardyne control over the global use and development of the technology while licensing back some rights to TIW.
Ardyne CEO, Alan Fairweather, said: “This acquisition gives Ardyne the ability to access new markets and introduce flexible commercial models. Gaining control over the CPT technology is vital to justify further R&D investment.”
To assist with Ardyne’s expansion within the US market the company has recruited Jake Wright as Gulf of Mexico region manager. Previously vice president of operations at Knight Oil Tools, he arrives armed with a wealth of experience. Based in Louisiana, his primary focus will be supporting clients and growing Ardyne’s business in North America.