Artificial Lift Company Announces Growth Capital Investment From Lime Rock Partners6/6/2011
HOUSTON, June 6, 2011 — The Artificial Lift Company (ALC), a provider of leading-edge rigless electric submersible pump (ESP) solutions to oil and gas operators worldwide, today announced it has received a growth capital investment from Lime Rock Partners, a global energy-focused private equity firm. Lime Rock Partners’ investment in ALC will fund the company’s commercial expansion and development of its ESP technology.
Founded in 2004 by Geoff Kimber-Smith and Phil Head, ALC is a leader in rigless ESP technology and services, providing reliable, practical, innovative, and cost-effective solutions to ESP operators worldwide. ALC currently has customers in the United States, the Middle East and North Africa region and is in advanced discussions to bring its ESP solutions to the Asian market.
“As Artificial Lift Co. embarks on installations of our groundbreaking rigless ESP solutions around the world, we are excited to have the financial resources to put new tools in the field quickly,” said Alex Kosmala, CEO of ALC. “The growth capital support of Lime Rock Partners and their investment partnership will help ALC to rapidly expand our business.”
Powered by ALC’s proprietary motors, the company’s rigless ESP solution is designed to avoid rig costs and deferred production while waiting for a rig. The technology allows for full bore access, for well intervention once an ESP is removed; and for live well deployment and retrieval. This ultimately lowers operating and power costs for operators.
“Lime Rock has been admiring ALC’s technology for a number of years,” said Saad Bargach, Managing Director of Lime Rock Partners and the nominated Chairman of ALC. “The artificial lift segment will continue to be one of the strongest growing segments in the global oilfield service sector, and we are enthusiastic to be an investment partner with ALC as it brings its differentiated technology and exceptional customer service to a broader group of customers.”
ALC installed ESP systems in a harsh environment well in West Texas owned by ConocoPhillips. Cumulatively, the ESP systems have been running successfully for nearly two years.
Artificial Lift Company is a leading artificial lift service company based in Houston that develops and delivers innovative and cost effective artificial lift systems to the oil and gas industries. The aim of ALC is to provide RIGLESS solutions to artificial lift employing technically advanced motor and downhole electrical connection systems. To learn more, please visit www.alcesp.com.
About Lime Rock Partners
Established in 1998, Lime Rock manages $3.9 billion of private capital for investment in the energy industry through Lime Rock Partners, investors of growth capital in energy companies worldwide, and Lime Rock Resources, acquirers and operators of oil and gas properties in the United States. With $3.0 billion under management, Lime Rock Partners is a creative, value-adding, and long-term investor of growth capital in exploration and production, energy service, and oil service technology companies worldwide. From locations in Aberdeen, Scotland; Dubai, UAE; Houston; and Westport, Connecticut, the Lime Rock Partners team brings together a global network of relationships, deep interdisciplinary expertise in finance and energy company operations, and a strong track record of value creation. For more information, please see www.lrpartners.com.