Purestream Services, LLC and Swire announce Capital Funding Transaction
SALT LAKE, Utah – Purestream Services, LLC (Purestream) and John Swire and Sons Inc., a subsidiary of John Swire & Sons Limited (Swire”), announced a capital funding transaction that will allow Purestream to continue to expand its activities in oilfield water treatment and other water treatment markets.
Purestream is a water services company formed in 2010 with a focus on designing and building water treatment systems to treat produced and frac flow-back water for discharge and re-use in the oil and shale gas industry. Purestream has developed state of the art, vapor recompression brine concentration and desalination technology along with single cell induced-gas flotation (IGF) systems for water reuse.
John Swire & Sons Limited is the UK-based parent company of the Swire group, a highly diversified global group. Swire’s activities include cold storage, property development, beverages and support for the onshore and offshore oil and gas industries. Through its subsidiary Swire Oilfield Services Inc. Swire provides a wide range of support services to the US oil industry, both onshore and offshore. In particular, Swire provides a number of environmentally friendly solutions for the US shale oil and gas sectors.
Under the terms of the agreement, John Swire & Sons Inc. will provide funding to Purestream that will enable the company to maximize the enormous business opportunities arising from the robust demand for both dynamic water treatment and management capabilities as a result of increased drilling in areas such as the Permian Basin and Eagle Ford in Texas, and the Bakken, primarily in North Dakota. As part of the agreement, Andy Hunter, Chairman of Swire Water Solutions, will join the Purestream Board.
“This agreement comes at a great time for Purestream as we will benefit from Swire’s US and international presence and expertise in the onshore market, enabling us to better meet the needs of our customers as we deploy and operate new contracted systems in 2015. The partnership will also enable us to tap into Swire’s customer base, increasing our reach in the U.S. market,” said Neil Richardson, CEO of Purestream.
Richardson added, “We are delighted to welcome Andy Hunter to the Purestream Board. As Purestream transitions to a larger scale, servicing more customers, our team will value his real-world experience in scaling businesses to meet the needs of markets.”
“Purestream is an innovative and solutions-driven company with exciting potential to grow,” said Andy Hunter, Chairman of Swire Water Solutions. “Not only will this partnership enable Purestream to realize that potential, but it will enable Swire Oilfield Services to expand the range of products it can provide its customers. The recent reduction in the price of oil, combined with a greater need to minimize the impact on the environment, increases the priority for the oilfield services sector to enhance efficiencies and reduce costs. I believe this partnership will enable both companies to achieve these goals offering one of the most comprehensive range of services to the onshore oil industry in the US I look forward to working closely with the Purestream team.”