Gordon Technologies Announces Acquisition of Lodestar International & MaxWell Downhole Technology

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Dec 07, 2020, 11:02 ET

SCOTT, La., Dec. 7, 2020 /PRNewswire/ -- Gordon Technologies LLC ("Gordon" or the "Company") is pleased to announce the acquisition of Lodestar International, LLC and its wholly owned subsidiary MaxWell Downhole Technology Limited ("Lodestar"). Lodestar is an independent manufacturer and service provider of downhole dynamics-while-drilling ("DWD") measurement tools, which are critical to the realization of continued drilling efficiencies and optimization. Lodestar's flagship products, the I-SUB and I-STRING, provide a wide range of drilling measurements throughout the drill string and at the drill bit. Lodestar has a service, repair and maintenance facility in Kyle, TX and an international service and R&D facility in Aberdeen, UK.

The Lodestar transaction represents Gordon's second acquisition this year as the Company previously acquired Noralis in July. Terry Frith, President and Founder of Gordon stated, "Lodestar is a leading downhole, DWD provider with a full suite of DWD measurements, including weight-on-bit ("WOB"), torque-on-bit ("TOB") and bending. Vibration management is a key focus area for our customers and Lodestar's technology is highly complementary to Gordon and Noralis' existing technology offering. We are looking forward to working with the Lodestar team in the continued development of their data visualization software and real-time product offering."

Gordon Technologies LLC

Headquartered in Scott, LA with service facilities in Midland, TX, Minot, ND and Oklahoma City, OK, 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. For more information about Gordon Technologies, please visit www.gordontechnologiesllc.com.

Lodestar International LLC

With locations in Kyle, TX and Aberdeen, UK, Lodestar is an independent manufacturer and service provider of downhole dynamics-while-drilling ("DWD") measurement tools, which are critical to the realization of continued drilling efficiencies and optimization. Lodestar's flagship products, the I-SUB and I-STRING, provide multiple drilling measurements throughout the drill string and at the drill bit. For more information about Lodestar, please visit https://www.lodestarint.com.

Noralis Inc.

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%. For more information about Noralis, please visit www.noralis.com.

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. In May 2019, Pelican invested in Lodestar to facilitate its strategic combination with MaxWell Downhole Technology. For more information about Pelican Energy Partners, please visit www.pelicanenergypartners.com.

Contact:
(337) 233 – 1804
[email protected]

SOURCE Pelican Energy Partners