ADVANTEK WASTE MANAGEMENT SERVICES FUNDED BY TPG CAPITAL -INVESTMENT WILL BUILD MANAGEMENT TEAM AND FUND NEW SITES
HOUSTON, TEXAS – December 9, 2014: Advantek Waste Management Services LLC (AWMS) announced today that TPG Alternative & Renewable Technologies (“TPG ART”) has funded its spin-off from Advantek International (Advantek). TPG ART’s funding will accelerate AWMS’s growth and scale as a full service oilfield waste management company, which will build upon Advantek’s long and successful history of leadership in the waste management field, particularly as it relates to solids, muds, slurry, and water injection. Terms of the deal are not disclosed.
“I’ve known TPG for a long time and we are privileged to partner with an equity partner like TPG ART who has the scale and reach to match our ambitious development plans,” said Omar Abou-Sayed, CEO, AWMS. “This partnership enables us to develop facilities in areas where we expect to see substantial long term activity and to build our management, operational and engineering teams to support our rapid growth.”
“We believe that management of the byproducts from oilfield developments around the world provides significant potential for growth,” said Mark Gudiksen, Principal at TPG ART. “AWMS has industry leading experts in key technologies which address this market and the team executes in a way that is environmentally responsible and aligns with the needs of E&P companies, communities, and regulators. We look forward to supporting AWMS’s growth.”
Dr. Ahmed Abou-Sayed, founder of AWMS and Advantek added, “The safe and environmentally friendly disposal of oilfield waste is a critical enabler to global development of shale and hydrocarbon resources. By reducing the costs of hydrocarbon extraction through recycling, treating, and disposing of oilfield wastes, we improve the economics and long term environmental sustainability of oil and gas developments. This is particularly important in an environment of uncertain oil prices.”
In conjunction with the financing, AWMS has added several veterans of the oilfield waste management industry to its leadership team:
Gareth Block, COO; previously at Exxon, where he led the team which supported Exxon’s worldwide well injection operations including hydraulic fracturing and slurry injection. Gareth was also previously at Sigma3 where he led the development of real-time operations centers and advanced fracture model tools in support of clients’ hydraulic fracturing operations.
Gary Woolsey, VP Operations; previously at NOV and Schlumberger (MI SWACO) where he held a wide variety of operational and leadership roles related to slurry and cuttings injection.
Dale Pierce, VP Business Development; previously at NOV where he held a variety of market development roles related to wellsite services, solids control, fluids management, and cuttings injection.
AWMS’s initial site targets include: US (Permian Basin, Eagle Ford, Bakken, and Alaska), Latin America, Africa, and the Middle East.
AWMS is a full service waste management company providing recycling, treatment, disposal and other processing of oilfield wastes including muds, drill cuttings, produced water, and flowback water. AWMS has rights to pioneering advancements made by Advantek International and its principals in the field of slurry injection. AWMS operates globally and is headquartered in Houston, Texas. For more information: www.advantekwms.com.
About Advantek International
Based in Houston, Texas, Advantek International is a globally recognized oil and gas consulting firm, specializing in data mining, software development, and geomechanics. Advantek is a leading expert in all aspects of hydraulic fracturing, subsurface injection, and well integrity and performance. Advantek’s clients include the world’s most important energy and service companies. For more information: www.advantekinternational.com.
About TPG Alternative & Renewable Technologies
TPG Alternative & Renewable Technologies (“TPG ART”) is managed by TPG, a leading global private investment firm founded in 1992 with $66 billion of assets under management and offices in San Francisco, Fort Worth, Austin, Dallas, Houston, New York, Beijing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, São Paulo, Shanghai, Singapore and Tokyo. TPG ART partners with companies dedicated to developing and deploying alternative and renewable technologies.
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