Helmerich & Payne, Inc. (NYSE: HP) (“H&P”) has acquired Magnetic Variation Services, LLC (MagVAR), an industry leader in enhancing the accuracy of directional drilling and wellbore optimization.
Duff & Phelps served as financial advisor to the board of directors of Helmerich & Payne and rendered a fairness opinion, and tax and financial due diligence services on behalf of the buyer. Pagemill Partners, a division of Duff & Phelps, and technology investment banking specialists, worked closely with our energy professionals to provide software services expertise to Helmerich & Payne in connection with the transaction.
About Helmerich & Payne, Inc.
Helmerich & Payne, Inc. is an industry leader in contract drilling with land and offshore drilling operations around the world. Established in 1920, the company has steadily expanded to meet the demands of an increasingly complex and globalized industry. H&P operates from a position of strength, anchored by a strong balance sheet and highly trained workforce of approximately 10,000 people. Skadden, Arps, Slate, Meagher & Flom LLP and Vinson & Elkins LLP served as legal advisors to Helmerich & Payne, Inc.
About Magnetic Variation Services, LLC
Through comprehensive 3D geomagnetic reference modeling, MagVAR provides measurement while drilling (MWD) survey corrections by identifying and quantifying MWD tool measurement errors in real-time, greatly improving directional drilling performance and wellbore placement. MagVAR technology has been successfully deployed in both onshore and offshore fields in North America, South America, Europe, Africa, Australia and Asia. Founded in 2010, MagVAR will maintain its headquarters in Westminster, Colorado. Bryan Cave LLP served as legal advisor to MagVAR.