Norbar Minerals AS has acquired the Oilfield Formate business of Hydro Formates AS
16 November 2004
In response to the growing demand for formate brines in oilfield well construction operations, Norbar Minerals AS has acquired the Oilfield Formate business of Hydro Formates AS. As part of this acquisition process, Federal Wholesale Drilling Mud Inc. has assumed control of Hydro Formates Americas Inc.’s operations in the Western Hemisphere.
Hydro Formates has been the leading global supplier of potassium formate brines and powders to the oil industry since 1994. Its EcoForm brand of potassium and sodium formate has been used in hundreds of drilling, completion and workover operations worldwide, and has shown a marked increase in sales in recent years.
Norbar Minerals and Federal Wholesale, with their long-standing operations in the petroleum industry and a network of service companies, aim to improve customer service and technical support in existing and new markets. Full commitment will be given to developing the technological advantage formate brines bring to their users.
"Standards are set higher for all aspects of the well construction process, with greater demands on hydrocarbon production, safety and environmental care", says Egil Mellgren, Managing Director of Norbar Minerals AS. "It is an important strategic move for us to adopt new technology, such as formate brines, and make it our priority area".
