Pason increases investment in Intelligent Wellhead Systems
Pason Systems has increased its non-controlling investment in Intelligent Wellhead Systems (IWS) through the acquisition of outstanding common shares of IWS for $7.9 million, and it has also agreed to invest up to $25 million in preferred shares of IWS. The company said in a statement that the investment would “support IWS’ ongoing growth initiatives and accelerate the development and deployment of IWS’ technologies.”
“We remain encouraged and excited about IWS’ team, technologies and growth prospects. As we’ve experienced within our core drilling-related business, customer demands and requirements for high quality data continue to increase in the completions sector. IWS is well positioned to support operators with these increasing needs. Over the past year, IWS has seen strong growth in the adoption of its technologies, and we expect this additional capital will accelerate IWS’ ongoing growth,” said Jon Faber, President and CEO of Pason.