Energy Ventures Sells 2TD to Nabors Industries
Energy Ventures, a private equity firm dedicated to funding high-growth E&P technology companies, has successfully sold 2TD to Nabors Industries, one of the industry’s leading service companies, for $40 million USD. This sale marks the firm’s 17th successful exit from an investment portfolio that consists of 23 companies and $775 million of committed capital raised to date.
“From the outset, we saw great potential for 2TD and its revolutionary technology,” said Helge Tveit, Energy Ventures co-managing partner. “The combination of a superior technology combined with seasoned founders and management team made the it a very compelling investment opportunity for Energy Ventures. As the industry continues to benefit from the advances provided by directional drilling, increased success will come with the adoption of this type of technology, such as that offered by 2TD.”
In addition to the $40 million sales price, Nabors Industries may be required to make future payments of up to an additional $40 million, contingent on the achievement of various milestone objectives.
Based in Ålgård, Norway, 2TD is an oilfield services company with an innovative rotary steerable system for directional drilling that is revolutionizing the industry. 2TD’s advanced drilling technology uses electro-mechanical rotary steering that provides lower operational costs and improved maneuverability down-hole, for both the onshore and offshore applications. Use of the innovative tool results in improved borehole quality and reduced non-productive time associated with tool failure. The tool has undergone extensive testing at the Ålgård facility demonstrating superior performance. The field test version of the tool is currently under development and should be ready early 2015.