P2 Energy Solutions Extends Its Leadership in Upstream Oil and Gas Software to Provide Complete and Integrated Production Solutions
DENVER, CO -- (Marketwired) -- Jun 03, 2013 -- P2 Energy Solutions ("P2") today announced its intention to acquire ASX listed ISS Group Limited ("ISS") under an all cash offer of AUD $0.33 per ISS share. ISS's leading BabelFish? product suite and production operations expertise will round out P2's broad range of products and services to provide the most complete and integrated production solution for the upstream oil and gas market. The BabelFish? product suite is focused on the production operations domain, with complex event processing, notifications, data analysis and real time visualizations among BabelFish's? core strengths.
P2's acquisition of ISS will enable the convergence of business and production operations systems for participants in the upstream oil and gas industry. As customers strive to maximize the operational efficiency of their producing assets, more effective integration of engineering, operations, and business functions is required. The BabelFish? product suite in combination with P2's industry-leading applications for finance, accounting, land management and operations will provide exploration and production companies with a single supplier for the solutions they need to run their businesses and maximize profitability. In addition, ISS works with multinational mining, metals and minerals customers and will bring this domain knowledge and experience to P2.
"Energy companies are seeking a more comprehensive production optimization solution that can inter-operate with their business and back office functions," said Charles Goodman, P2's President and CEO. "By combining P2's rich history in finance, accounting and operational applications with ISS's integrated production operations systems, customers will be empowered to focus on their core business objectives. P2 is excited to offer our customers and the upstream oil and gas industry a more comprehensive production solution that can scale both across their business and around the globe."
The proposed acquisition of ISS signals P2's commitment to providing the most comprehensive suite of products for the oil and gas industry. P2 continues to make significant, ongoing R&D investments and to optimize the overall customer experience for its 1,200 customers, including 49 of the Oil and Gas Journal's top 50 companies.
Commenting on the impact of the proposed acquisition, Richard Pang, ISS CEO, said, "ISS speaks to the needs of engineering and operations, while P2's broad solution portfolio offers best-in-class business solutions. As the industry evolves and the pace of operations quickens, integrated technology solutions are needed in order for customers to make more informed decisions faster and get the most out of their exploration and production investments. We are excited to be on this journey with our customers as part of P2's expanded global presence and functional offering."
The acquisition will be effected via a scheme of arrangement between ISS and eligible ISS shareholders. Whilst the acquisition is subject to customary shareholder and regulatory approvals and other customary conditions, P2 expects the transaction to be completed in the third quarter of calendar 2013.
P2 Energy Solutions is the only technology company that provides a comprehensive range of software, geospatial data, land management tools, and outsourcing services, to the energy industry. More than 1,200 energy companies around the world use P2 products and services daily to improve decision-making, gain clarity into complex workflow scenarios, and optimize upstream efficiency. For more information about P2, visit www.p2energysolutions.com.
Based in Perth, Australia, ISS Group Limited has a large installed base in the AustralAsia market, with customers ranging from national oil companies, global super majors and a large array of independent operators. ISS was established in 1995 and has a blue chip customer base including Chevron, BHP Billiton, Woodside, Santos, PTTEP, Rio Tinto, Shell, BG Group, BP, Hess Corporation, Maersk Oil, Petronas and Fortescue Metals. For more information about ISS, visit www.issgroup.com.au.
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