Alaska Native corporation acquires oil field automation firm
Feb. 09, 2018
KODIAK, Alaska (AP) — Alaska Native regional corporation Koniag Inc. acquired oil field automation services firm Glacier Services Inc.
Glacier Services is the largest Alaska-owned oil field automation services operation. It has clients and projects across the state, from the Kenai Peninsula to the North Slope, the Kodiak Daily Mirror reported Thursday.
Koniag's board chairman and interim CEO Ron Unger said the addition will strengthen the corporation's oil field services capabilities. The corporation also owns Dowland-Bach, an oil field equipment manufacturing firm. The corporation hopes to operate the two companies in tandem.
"We believe this acquisition to be strategic in that it leverages our past success with Dowland-Bach and takes advantage of synergies with clients to create a more comprehensive solution for oil companies in Alaska," Unger said.
Koniag said in a news release that the corporation has shown four years of continued profitable growth, with revenues of $270 million in fiscal year 2017 and assets of $170 million.
Information from: Kodiak (Alaska) Daily Mirror, http://www.kodiakdailymirror.com