Triton acquires Cubility

Triton aims to support Cubility in accessing a larger market share following the deal, which is expected to close mid-April.

This is Triton's first investment in an oil services company and represents the GP's second investment in Norway within nine months. Triton acquired OSE-listed Infratek in June last year. The private equity firm said it plans to acquire more Norwegian businesses in the years to come.

Company
Based in Sandnes, Cubility has developed MudCube, a solids control and waste management system for drilling operations that claims to offer cost savings for rig companies and operators through reduced mud, waste and chemicals consumption. The company's clients include Statoil, Maersk Drilling, Dong, Talisman, Saipem and Chevron.

People
Peder Prahl is a managing partner at Triton, while Dag Strømme is an adviser to Triton. Kjell E Jacobsen is a partner at Energy Ventures. Even Gjesdal is the CEO of Cubility.

Advisers
Equity – Advokatfirmaet Selmer (Legal); EY (Financial due diligence).
Company – Alpha Corporate Finance (Corporate finance).

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