Managed Pressure Operations Raises Growth Capital
Managed Pressure Operations announces growth capital investment from NGP Energy Technology Partners to accelerate its expansion within the global managed pressure drilling market
HOUSTON, Texas (August 19, 2010) — Managed Pressure Operations International Ltd. (MPO), an oilfield services company, with locations in Singapore, Texas and Indonesia, that provides technologically advanced and cost-effective continuous circulation and managed pressure drilling (MPD) systems, today announced a growth capital investment from NGP Energy Technology Partners (NGP ETP). NGP ETP is a leading energy technology investment fund with $496 million of capital under management. MPO was advised by Houston based investment bank Growth Capital Partners and law firm BoyarMiller (represented by Gary Miller and Blake Royal).
MPO has the unique ability to provide a continuous circulation system combined with a fully automated MPD system. MPO’s Total Control Driller (TCD) is an advanced MPD system that maintains constant bottom-hole pressure to mitigate many drilling hazards. The TCD system enables drilling within a narrow pore pressure / fracture gradient window and drilling through depleted zones. MPO’s continuous circulation system, called the Non Stop Driller (NSD), complements the TCD by maintaining constant bottom-hole pressure during connections and further reducing non-productive time. Benefits of MPO’s systems include a reduction of the risk of kicks during connections as well as improved hole cleaning, reduction of stuck pipe incidents, improved rate of penetration, and loss circulation prevention. MPO’s existing equipment and systems under development will provide substantial optimization of drilling time for deepwater projects.
“The latest round of funding provides MPO with the financial resources we need to further accelerate growth and develop additional specialized drilling solutions,” said Christian Leuchtenberg, CEO of MPO. “The addition of NGP Energy Technology Partners will bring one of the most experienced and well-respected energy technology focused funds on board. We are excited about partnering with the NGP ETP team.”
“MPO is led by an impressive management team that has proven their ability to deliver innovative MPD solutions to the industry,” said Michael LeBourgeois of NGP Energy Technology Partners. “We are excited about partnering with this team and being part of MPO’s international growth,” added Bruce Schulman of NGP Energy Technology Partners.
About Managed Pressure Operations International Ltd.
MPO is an oilfield services company, with locations in Singapore, Texas and Indonesia, that provides technologically advanced and cost effective continuous circulation and managed pressure drilling systems, including equipment and operational personnel, to the global onshore and offshore drilling markets. Beyond drilling capabilities, MPO can also provide front end engineering design as well as project and QHSE management for drilling projects ranging from basic land rig operations to deepwater and HPHT operations on floating drilling installations, including but not limited to FEED, HAZOP, HAZID, well planning and simulation. MPO is committed to the safe and effective engineering, design, and execution of managed pressure drilling operations, providing equipment built to the highest industry international certification standards and highly-trained, experienced personnel with a focus on safety, service quality, and client satisfaction.
About NGP Energy Technology Partners
NGP ETP, established in 2005, is a leading private equity firm investing equity capital for growth and buyout transactions for companies that provide products and services to the oil and gas, power, energy efficiency, and alternative energy sectors. NGP ETP, with $496 million in capital under management, is managed by investment professionals with extensive experience investing in virtually all types of energy technology and a strong track record of identifying strong management teams and working with them to create significant value. NGP ETP is an affiliate of NGP Energy Capital Management, a leading investment firm with over $9.5 billion of cumulative capital under management which serves the natural resources sector. NGP ETP is headquartered in Washington, DC and has offices in Dallas, TX and New Orleans, LA.
BoyarMiller is a 28-year-old Houston-based law firm comprised of two practice groups: business and litigation. The business group serves multinational companies, middle-market businesses and entrepreneurs in need of collaborative and strategic representation. The litigation group represents organizations of all sizes, from entrepreneurs to Fortune 500 companies, seeking to resolve complex business issues and employment disputes. See www.boyarmiller.com for more information.