ChampionX adds capabilities of Leak Surveys, Inc. to emissions solutions portfolio
THE WOODLANDS, Texas, February 28, 2022 -- ChampionX Corporation (“ChampionX” or the “Company”) (NASDAQ: CHX) announced today that it has completed an acquisition of the assets of Leak Surveys, Inc. (LSI), a leader in optical gas imaging (OGI) technology that provides aerial and ground-based emissions leak detection to the oil and gas industry.
“Our acquisition of the assets of Leak Surveys, Inc. is further proof of our commitment to our strategic priority of evolving our portfolio for sustained growth as our energy industry evolves. While this is a small acquisition from a capital perspective, it is a large step toward building out our product portfolio and capabilities. By pairing LSI’s leak detection capability with our complementary Scientific Aviation emissions quantification, measurement, and monitoring portfolio, we are strengthening our position as the leading provider of differentiated emissions monitoring and detection solutions to the energy sector,” said Saurabh Nitin, ChampionX senior vice president of strategy and development and emissions business leader.
ChampionX acquired Scientific Aviation in July 2021 and has already deployed thousands of continuous ground-based emissions monitoring devices, called SOOFIE™, with customers worldwide. Scientific Aviation’s aerial monitoring capability provides total site-level emissions quantification and detection. The use of OGI technology allows for superior source identification and higher levels of resolution.
“We look forward to growing and deploying this LSI capability at scale to solve customer needs in leak detection,” Nitin said. “Our goal is to help customers comply with environmental regulations and reach their net-zero and sustainability ambitions. The former operations of LSI are now an important part of our offering to do that.”
The operational capabilities acquired from LSI enable the capturing of real-time images of gas leaks. This technology is deployed through aerial helicopter inspections and ground-based surveys. This capability will help customers pinpoint leak sources and be a tool to comply with environmental regulations as they continue to strengthen and evolve.
“For nearly 20 years, LSI provided value to oil and gas customers through our infrared leak detection capability,” said David Furry, founder and president of Leak Surveys, Inc. “I’m tremendously excited to now join with ChampionX to create the emissions monitoring and detection leader for the industry. I look forward to contributing to ChampionX’s efforts to scale up its scientific expertise and capabilities to help the producers make meaningful progress in understanding and reducing emissions.”
ChampionX is a global leader in chemistry solutions and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely and efficiently around the world. ChampionX’s products provide efficient functioning throughout the lifecycle of a well with a focus on the production phase of wells. To learn more about ChampionX, visit our website at www.championx.com.
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