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M-I acquires oilfield operations from Dynea

M-I, based in Houston, has acquired the oilfield chemical operations of Finland-based Dynea International for about $82.3 million.

M-I, based in Houston, has acquired the oilfield chemical operations of Finland-based Dynea International for about $82.3 million.

In connection with the transaction, M-I acquired substantially all of the net assets of Dynea's production chemical business in exchange for cash. M-I also negotiated a long-term toll manufacturing agreement with Dynea in Lillestrom, Norway, for the supply of base chemicals used in the production chemical operations.

The former Dynea Oil Field Chemicals, which will now be called M-I Production Chemicals, supplies customers with a range of performance products designed to meet the chemical challenges associated with the production, processing and transportation of oil and gas.

The acquired operations, which operate in the North Sea, the Middle East, Asia and Americas, generated annual sales of about $78 million for the fiscal year ended Dec. 31, 2002.

M-I, which is jointly owned 60 percent by Smith International Inc. and 40 percent by Schlumberger Ltd., is a supplier of drilling, reservoir drill-in and completion fluids products/systems and solids control and waste management services and equipment to the worldwide petroleum industry.