Pason Systems Inc. signed an agreement to invest C$25 million over three years to acquire an undisclosed minority stake in oil and gas technology and services provider Intelligent Wellhead Systems Inc. Both companies are in Calgary, Alberta.
Founded in 2011, Intelligent Wellhead Services provides surface control systems for projects including unconventional shale, subsea intervention, critical well intervention and offshore operations.
Pason will also provide expertise in areas necessary for Intelligent Wellhead Services' growth, according to an Oct. 2 news release from Pason.
The IWS technology features the inVision System, which provides operators with data for automation and engineered safety controls through a digital window into the pressure control stack. It shows the real-time lateral position and size of tools and wireline in the pressure control stack.
