Xodus acquires Dubai energy group
Dubai, July 3, 2013
International energy consultancy Xodus Group has acquired the business of Dubai-based Prime Energy as part of its plan to make the Middle East operational base one of the largest in the company.
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.
This is the first acquisition Xodus has made in the Middle East following the launch of its Dubai operations in 2012, said a statement from the company. This is part of a major expansion drive in the eastern hemisphere.
Commenting on the move, Xodus Group CEO Colin Manson 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."
“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,” he added.
Prime Energy’s team will form part of Xodus’ subsidiary based in Dubai, Xodus DMCC, which will be renamed Xodus-Prime DMCC.
Peter Bradley, the director of operations at 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," he added.-TradeArabia News Service