Friday, September 2, 2011

Baker Hughes Takes Stake In Software Firm

Houston-based Baker Hughes, which supplies services to the oil and gas industry, said Thursday that it has acquired a minority equity stake in a developer of software for the oil and gas industry. Baker Hughes said it acquired the stake in Verdande Energy AS, a subsidiary of Verdande Technology AS. Financial terms of the deal were not disclosed. Verdande is a developer of a case-based reasoning (CBR) software called DrillEdge, which is used for problem solving the drilling of wells, while drilling. Baker Hughes said the real-time software platform is expected to help lower risk and increase rate of penetration while drilling. Verdande Energy AS is backed by Statoil Venture/ProVenture Seed AS, Investinor, and other investors.