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Schlumberger acquires SPT Group

Friday, March 23, 2012

Schlumberger has agreed to acquire SPT Group, a software company specialising in dynamic production flow modelling in the oil and gas industry.

The agreement was made with SPT Group's owners, Altor Fund II.

SPT Group provides a combination of software and consulting services for multiphase flow and reservoir engineering applications.

Closing is subject to customary regulatory approvals.

'The dynamic modeling and reservoir optimization software of SPT Group will complement the existing Schlumberger production software portfolio,' said Tony Bowman, President, Schlumberger Information Solutions (SIS).

'In combination with the Petrel E&P software platform and other SIS technologies, this will enable customers to further optimize production from reservoir performance to processing facilities.'

'This is a great testament to our employees and a remarkable opportunity for the company,' commented Tom Even Mortensen, Chief Executive Officer of SPT Group.

'We are proud to have developed a very successful company together with SPT Group management, and believe that Schlumberger will be a great home for SPT and its employees," said Reynir Indahl, chairman of SPT Group and Altor Partner.

SPT Group, founded in 1971, is headquartered in Norway and employs approximately 280 people in 11 countries worldwide.



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