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Core Laboratories' Strategic Acquisition of Solintec

Core Laboratories, a leading provider in the field of reservoir description and production enhancement services, has made a significant move by announcing the acquisition of Solintec, an integrated geological services company based in Brazil. This strategic acquisition aims to bolster Core Lab’s foothold in an important market that is increasingly recognized for its vast oil and gas reserves, both onshore and offshore.

Solintec’s Expertise

For over 30 years, Solintec has been a pivotal player in providing geological services to a diverse range of clients, encompassing many national and international companies operating within Brazil. With its state-of-the-art laboratory facilities, Solintec offers advanced mineralogic and sedimentary analysis capabilities. This capability eliminates the necessity of exporting samples abroad, streamlining the process for clients and enhancing the effectiveness of geological assessments in a more time-efficient manner.

The recent acquisition aligns with Core Lab's ongoing commitment to improve its service offerings and capabilities. The integration of Solintec’s advanced techniques will complement Core Lab's proprietary non-invasive dual-energy tomography, which aids in geological evaluations and formation assessments. Through such advancements, Core Lab is well-positioned to provide faster turnaround times and deeper analyses, particularly in Brazil's complex offshore pre-salt and onshore initiatives.

Enhancing Local Presence and Client Services

Larry Bruno, CEO of Core Laboratories, commented on the acquisition, stating that this move exemplifies Core Lab's strategy to invest in growth-centric markets, particularly in Brazil, which he believes is emerging as a preeminent non-OPEC producer. Bruno emphasized that the acquisition augments Core Lab's local presence while expanding the spectrum of high-value services offered to Brazilian clients. The ongoing collaboration with Solintec, established through a technical services arrangement in 2022, has already demonstrated the potential of combined expertise. Therefore, this acquisition marks an essential step in optimizing the service portfolio available to Brazil’s oil and gas sector.

Bruno reiterated Core Lab’s dedication to harnessing advanced technologies and pursuing additional investments that would enhance client partnerships and shareholder value. The recent acquisition and the previous expansions of facilities, such as the unconventional core analysis laboratory in Saudi Arabia, reflect this commitment.

A Comprehensive Suite of Reservoir Services

With Solintec joining the Core Laboratories team, clients will gain access to a more comprehensive suite of reservoir laboratory services, creating long-term, sustainable value for shareholders and stakeholders alike. The combination of Core Lab’s global reach with Solintec’s specialized local expertise positions the company to meet the evolving needs of Brazil's dynamic oil and gas landscape dramatically.

Additionally, Core Laboratories operates over 70 offices in more than 50 countries, ensuring its presence in all major oil-producing provinces globally. Solintec, as a certified provider with ISO certifications and a commitment to local content, will seamlessly integrate into this extensive framework. Clients can anticipate a strengthened service offering, founded on high-quality standards and operational excellence.

Summary

The acquisition of Solintec is a strategic initiative by Core Laboratories to enhance its services and increase its market presence in Brazil's burgeoning oil and gas sector. As the energy landscape evolves, this merger is poised to create a robust platform for growth and collaboration, ensuring that Core Lab remains at the forefront of technological advancements and client satisfaction in the industry.