Austrian Oil Equipment Maker Buys Dubai Technology Firm
Drilling Systems International (DSI), a niche oil technology company based in Dubai, has been bought by an Austrian oil equipment maker, reports The National. Schoeller Beckmann Oilfield Equipment did not detail the price it paid for DSI but noted in a statement the privately owned Dubai company generates about US $30 million (Dh110.1m) in annual revenues. The recovery and stabilization of oil prices has boosted investment in new drilling for oil and gas worldwide, and proved a boon for related services companies that provide equipment. The number of drilling and production rigs active across the world rose to 3,127 last month, up 41 percent from the same period last year, according to an index maintained by Baker Hughes, the U.S. oil services company. The rig count has increased almost 13 percent since the start of this year. The DSI deal is expected to close on October 1, Schoeller Beckmann said.