Purestream Services, LLC and Swire Announce a Capital Funding Transaction to Broaden Their Oilfield Water Treatment and Management Offerings
SALT LAKE CITY, Jan. 7, 2015 /PRNewswire/ -- Purestream Services, LLC ("Purestream") and John Swire and Sons Inc., a subsidiary of John Swire & Sons Limited ("Swire"), are pleased to announce a capital funding transaction that will allow Purestream to continue to expand its activities in oilfield water treatment and other water treatment markets.
Purestream is a water services company formed in 2010 with a focus on designing and building water treatment systems to treat produced and frac flow-back water for discharge and re-use in the oil and shale gas industry. Purestream has developed state of the art, vapor recompression brine concentration and desalination technology along with single cell induced-gas flotation (IGF) systems for water reuse.
John Swire & Sons Limited is the UK-based parent company of the Swire group, a highly diversified global group. Swire's activities include cold storage, property development, beverages and support for the onshore and offshore oil and gas industries. Through its subsidiary Swire Oilfield Services Inc. Swire provides a wide range of support services to the US oil industry, both onshore and offshore. In particular, Swire provides a number of environmentally friendly solutions for the US shale oil and gas sectors.
Under the terms of the agreement, John Swire & Sons Inc. will provide funding to Purestream that will enable the company to maximize the enormous business opportunities arising from the robust demand for both dynamic water treatment and management capabilities as a result of increased drilling in areas such as the Permian Basin and Eagle Ford in Texas, and the Bakken, primarily in North Dakota. As part of the agreement, Andy Hunter, Chairman of Swire Water Solutions, will join the Purestream Board.
"This agreement comes at a great time for Purestream as we will benefit from Swire's US and international presence and expertise in the onshore market, enabling us to better meet the needs of our customers as we deploy and operate new contracted systems in 2015. The partnership will also enable us to tap into Swire's customer base, increasing our reach in the U.S. market," said Neil Richardson, CEO of Purestream.
Richardson added, "We are delighted to welcome Andy Hunter to the Purestream Board. As Purestream transitions to a larger scale, servicing more customers, our team will value his real-world experience in scaling businesses to meet the needs of markets."
"Purestream is an innovative and solutions-driven company with exciting potential to grow," said Andy Hunter, Chairman of Swire Water Solutions. "Not only will this partnership enable Purestream to realize that potential, but it will enable Swire Oilfield Services to expand the range of products it can provide its customers. The recent reduction in the price of oil, combined with a greater need to minimize the impact on the environment, increases the priority for the oilfield services sector to enhance efficiencies and reduce costs. I believe this partnership will enable both companies to achieve these goals offering one of the most comprehensive range of services to the onshore oil industry in the US I look forward to working closely with the Purestream team."
About Purestream Services, LLC (www.purestream.com)
Purestream is a Utah-based water treatment and solutions company treating produced water and frac water for re-use in the oil and gas field since 2010. The company offers innovative, economic and robust integrated water treatment solutions including the patented AVARA advanced vapor recompression technology which provides a distilled quality water as well as clean brine for re-use in the oil field. Purestream also offers a specialized induced-gas flotation technology combined with filtration to remove oil and grease and suspended solids from oilfield wastewater. The treated water may then be re-used in drilling operations. Equally as important as the technologies, Purestream has a strong bench of experienced and knowledgeable team members bringing with the company a deep understanding of complex water ranges that are commonly manifested in the oil field.
Purestream operates commercial systems for producers in Texas, Wyoming, Pennsylvania and Arkansas. Benefits of treatment and re-use include conservation of water resources in arid basins, as well as a reduction the trucking and disposal of oil field wastewater in traditional injection wells. A growing number of producers are including these environmental best practices of treating and re-use in their drilling operations as sustainability becomes increasingly important to producers, communities and regulators.
About Swire (www.swire.com)
Swire is a highly diversified global group, with principal business activities grouped into five categories: Property, Aviation, Agribusiness & Food Chain, Marine Services and Trading & Industrial. Many of Swire's core businesses can be found within the Asia Pacific region, traditionally centered on Hong Kong and Mainland China. Within Asia, Swire's activities come under the group's Hong Kong publicly quoted arm, Swire Pacific Limited. The Swire group's UK-based parent company, John Swire & Sons Limited, has a 48% shareholding in Swire Pacific, and also has major business interests in Australia, Papua New Guinea, East Africa, Sri Lanka, the USA and UK
John Swire & Sons Limited is responsible for formulating and directing overall group strategy and provides a range of services including recruitment, employment, and training of staff for the group and its subsidiaries, which today employ over 122,000 people worldwide.
Swire Oilfield Services, a subsidiary of John Swire & Sons Limited, offers a range of services to the global offshore energy industry. Swire Water Solutions is based in Spring, Texas.
For more information, contact Amy Hansen at [email protected] or (801) 209-1887.
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SOURCE Purestream Services, LLC
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