Florida-based Enviro Voraxial Technology Inc. (EVTN) has agreed to sell intellectual property, including patents and trademarks, for its Voraxial Separator technology to Schlumberger (NYSE: SLB), according to a news release.
The technology is described by EVTN as a cost effective method to efficiently separate large volumes of solids and liquids—such as oil, water and sand—with different specific gravities without the need of a pressure drop.
As part of the deal, which is subject to customary closing conditions, EVTN will be granted a royalty-free license to use the patents to market, manufacture and sell the Voraxial Separator for all industries, excluding the oil and gas market. But EVTN will be able to manufacture the Voraxial Separator for Schlumberger for a three-year period, the release said.
“This agreement provides EVTN with a path to manufacture and sell the Voraxial into the oil and gas market through Schlumberger and to potentially leverage this success into additional growth opportunities in other industries where the Voraxial can have significant benefits in treating and cleaning wastewater, such as mining, sewage and industrial wastewater,” EVTN CEO John A. DiBella said in the release.
The agreement is expected to be completed within the next three months, according to EVTN.
Recommended Reading
Halliburton’s Low-key M&A Strategy Remains Unchanged
2024-04-23 - Halliburton CEO Jeff Miller says expected organic growth generates more shareholder value than following consolidation trends, such as chief rival SLB’s plans to buy ChampionX.
Deepwater Roundup 2024: Americas
2024-04-23 - The final part of Hart Energy E&P’s Deepwater Roundup focuses on projects coming online in the Americas from 2023 until the end of the decade.
Ohio Utica’s Ascent Resources Credit Rep Rises on Production, Cash Flow
2024-04-23 - Ascent Resources received a positive outlook from Fitch Ratings as the company has grown into Ohio’s No. 1 gas and No. 2 Utica oil producer, according to state data.
E&P Highlights: April 22, 2024
2024-04-22 - Here’s a roundup of the latest E&P headlines, including a standardization MoU and new contract awards.
Technip Energies Wins Marsa LNG Contract
2024-04-22 - Technip Energies contract, which will will cover the EPC of a natural gas liquefaction train for TotalEnergies, is valued between $532 million and $1.1 billion.