HOERBIGER acquires majority stake in Ragsol GmbH
RAGSOL offers customers in the upstream segment (exploration and production) of the oil and gas industry access to more than 80 years of experience in operating and optimizing old wells in combination with state-of-the-art technology. The acquisition is an ideal fit for HOERBIGER's Compression Technology division and complements the existing offering in the service business.
"RAGSOL's unique products and intelligent brownfield approach (optimization of existing assets) enable customers to increase the efficiency of old oil fields, reduce operating costs by up to 40 percent and extend the production life of the fields. RAGSOL's solutions help our customers manage their valuable resources responsibly and sustainably," said Wolfgang Sautter, Head of Service in HOERBIGER's Compression Technology Division. "At HOERBIGER, we look forward to bringing this promising new offering to a larger, worldwide market with our global presence," Sautter added.
"It is a great opportunity for RAGSOL to work with an innovative and highly experienced company like HOERBIGER. Based on our solutions, combined with HOERBIGER's excellent network and know-how, I am convinced that RAGSOL will become a major technology player in the field of legacy oil and gas assets worldwide," said David Doppelreiter, Managing Director of RAGSOL GmbH.
"RAG Austria AG is pleased to have found in HOERBIGER the perfect partner for RAGSOL technologies and their further use in the oil and gas industry worldwide. RAG will focus its future efforts on the growing business with large gas storage facilities and the related activities in the field of hydrogen storage and gas technologies, respectively," says Markus Mitteregger, CEO of RAG Austria AG.