[Context: On July 31, Houston-based Pelican Energy Partners announced the bolt-on of Texas and UK-based Noralis to its Gordon Technologies platform, which is focused on measurement while drilling. Further details and related links are below.]
Pelican Energy Partners Announces Acquisition of Noralis as Part of Gordon Technologies Platform
HOUSTON, July 31, 2020 /PRNewswire/ — Pelican Energy Partners LP (“Pelican”) is pleased to announce the acquisition of Noralis, Inc. (“Noralis”) as part of the Gordon Technologies LLC (“Gordon”) platform of companies providing measurement while drilling (“MWD”) products and services to the directional drilling sector of the oil and gas industry. Pelican partnered with Gordon in October 2017 and invested substantial capital in new technology development as well as the significant growth of its US rental fleet.
The additional capital investment in Noralis facilitates further acceleration of new product development. Noralis will continue to operate independently as a wholly owned subsidiary within the broader Gordon platform. This combination will allow Gordon to offer a complete mechanical and electrical product offering for international expansion. Noralis’ customers will benefit from increased product development resulting in the release of several new cutting-edge products over the next 12 months.
With locations in Texas and Cheltenham, UK, Noralis is an independent provider of transformational MWD technology. Integrated modern-day electronics, simplified surface systems, and unmatched cost savings are driving the next generation of MWD solutions. Noralis invested heavily in the development of its core technology and product offerings, achieving commercialization in early 2017. The Noralis Directional Module (NDM) replaces traditional 3-axis directional modules with 27 sensors while meeting the MWD standard error model and accuracy requirements at 165°C. The Noralis Pressure Decoder (NPD) is significantly advanced decoding embedded in an integrated software solution automating tasks and digitizing drilling data. These products have transformed MWD performance and fundamentally disrupted the MWD pricing model by reducing costs upwards of 50%.
Gordon Technologies LLC
Headquartered in Scott, LA with additional facilities in Midland, TX and Minot, ND, Gordon is an independent provider of MWD technology to the directional drilling sector of the oil and gas industry. Gordon’s Heat Miser™ MWD and Shock Miser™ shock and vibration mitigation tools were specifically designed to address the most pressing needs in today’s challenging drilling environments, namely MWD failures due to high shock and vibration as well as high temperature environments. The company’s proprietary technology creates a faster, more robust and more reliable MWD system that is achieving best-in-class performance, as evidenced by the company’s significant growth in the US unconventional market.
Pelican Energy Partners LP
Founded in 2011, Pelican Energy Partners (“Pelican”) is a Houston-based private equity fund specializing in strategic investments in small to middle-market, high-growth potential energy service and equipment companies with sustained earnings outlooks. The firm has raised $563 million of committed capital and is investing out of its third fund. In October 2017, Pelican made a substantial investment in Gordon Technologies and provided the growth capital to further advance its proprietary technology offering as well as significantly expand its MWD rental fleet.