Aberdeen University spin-out company Brinker Technology has completed a £3m deal with Epi-V, a new specialist oil and gas private equity fund.
Brinker Technology has developed and patented a new technique to remotely locate and seal leaks in oil and gas production and pipelines. In use, platelets are released into a pipeline at a convenient location and are carried along to the leak site by the flow in the line. When the platelets reach the leak site, the pressure differential across the pipe wall forces them into the leak – providing a seal and restoring integrity to the line.
Formed in 2002, the business has seen steady sales with revenues more than quadrupling since 2004. The company estimates that the size of the market for the technology is in the region of £50m per year.
For its part, Epi-V has invested £3m for a 42 per cent stake in the business. Prior to the completion of the deal, Francis Neill, who has 25 years of oilfield service industry experience with Schlumberger, Kvaerner and Expro, was appointed as managing director.
The £50m Epi-V fund was launched in August 2007 with the aim of making equity investments of between £2m and £10m in emerging technology and service companies within the upstream services sector.