Specialised Petroleum Services (SPS) of Aberdeen has been acquired by M-I Swaco of the US for £89m. SPS is a global market leader in wellbore clean up solutions, and focuses on the offshore Eastern Hemisphere market. Private equity firm 3i was a majority shareholder in the business, with a 51 percent stake. MI-Swaco supplies drilling and completion fluids, production chemicals to the oil and gas industry and also provides solids control and waste management services. "SPS is the world leader in well-bore clean-up tool technology and M-I Swaco is the largest provider of completion and reservoir drill-in fluids around the globe. The combination of these two businesses enables us to provide customers with a unique, integrated solution" said Don McKenzie, M-I Swaco President and CEO. The acquisition will be paid for in cash.
