Westwood buys RigLogix
- Business & Finance
Oil and gas industry intelligence group Westwood has acquired RigLogix, an offshore rig market data specialist, from DHI Group, Inc (NYSE: DHX).
Andrew Reid, CEO of Westwood Global Energy Group said on Wednesday: “With the acquisition of RigLogix we inherit a strong, global team and capability, which is highly complementary to the wider Westwood Group offering.”
RigLogix offers on-demand access to real-time data and analysis for the global offshore rig market, including data and analysis of the historical, current, and projected offshore rig fleets.
The financial value of the transaction was not disclosed.
“RigLogix is the sixth acquisition for Westwood and supports our strategic objective of creating a larger group of Upstream market intelligence products with real depth in niche markets,” said Reid. He added, “Our ambition to have embedded services with our clients is also secured and post-acquisition over 70% of Group revenue subscription based.”
Michael Durney, President and CEO of DHI Group, Inc., stated; “This is an exciting new venture for RigLogix which is a premium data services leader with an unmatched position in the oil and gas industry. The acquisition by Westwood Global Energy, who have a firm footing in the global energy market analytics space, will allow RigLogix to thrive, benefited by a new home that complements its comprehensive insights and innovative on-demand data.”