Energy research and consultancy services provider Westwood Global Energy Group has acquired offshore rig market data specialist RigLogix from DHI Group.

As a data services platform for the oil and gas industry, RigLogix offers on-demand access to real-time data and analysis for the global offshore rig market.

Services offered by the platform include data and analysis of the historical, current and projected offshore rig fleets.

Westwood Global Energy Group CEO Andrew Reid said: “With the acquisition of RigLogix we inherit a strong, global team and capability, which is highly complementary to the wider WESTWOOD GROUP offering.”

“Our ambition to have embedded services with our clients is also secured and post-acquisition over 70% of group revenue subscription based.”

The acquisition is in line with the company’s strategic objective of enhancing upstream market intelligence product offerings with depth in niche markets.

Reid further added: “Our ambition to have embedded services with our clients is also secured and post-acquisition over 70% of group revenue subscription based.”

Furthermore, the company noted that the deal enables its development, besides enhancing the group’s research and consulting capability across exploration and oilfield service markets.

DHI Group president and CEO Michael Durney said: “The acquisition by Westwood Global Energy, who have a firm footing in the global energy market analytics space, will allow RigLogix to thrive, benefited by a new home that complements its comprehensive insights and innovative on-demand data.”

Established in 2015, Westwood offers intelligence and insight for exploration and oilfield services markets.