Paradigm
completes financing with Bank of Scotland
Posted: 22 June 2003
Bank of Scotland Corporate Banking, Aberdeen has completed a transaction
to provide US$37.5 million senior debt and working capital facilities,
for debt refinancing and expansion funding of Paradigm Geotechnology
B.V.
Paradigm provides information technology and services to the leaders
of the oil and gas exploration and production industry worldwide.
The company offers an advanced set of Software Solutions and Geophysical
and Reservoir Study Services, serving all major oil and gas producing
provinces in the world.
Paradigm is controlled by Fox Paine & Company, LLC, a San Francisco-based
private equity firm.
Bank of Scotland’s appointment comes as part of Paradigm’s
aggressive growth and international expansion strategy.
The Bank will work in partnership with Paradigm to provide additional
funds for future growth and acquisitions in the oil and gas production
and drilling sectors.
Troy Thacker, Director of Paradigm Geotechnology BV and Fox Paine
commented: “We were looking for a bank with a confirmed track
record of support for and knowledge of the oil and gas services
industry, and Bank of Scotland distinguished itself in this regard.
We were impressed by the Aberdeen Structured Finance team’s
dedication to the industry and their ability to put in place a multinational
funding package.”
Eldad Weiss, CEO of the Paradigm Group, said: “Backing from
the Bank of Scotland and Fox Paine enables us to aggressively pursue
our corporate goals of delivering superior technologies to our customers,
expanding through acquisitions and widening our range of products
and services for the oil and gas industry.”
Euan Leask, Associate Director of Structured Finance at Bank of
Scotland, added: “We are delighted to have been selected as
Paradigm’s banking partner and look forward to working with
Fox Paine and the highly capable managers at Paradigm as they seek
to build upon Paradigm’s strong brand name within the sector.
It is testament to our track record of deliverability, both locally
and internationally, that Paradigm chose Bank of Scotland, and we
relish the challenge of supporting the company’s global growth
strategy.”
About Paradigm
Paradigm provides information solutions to the leaders of the oil
and gas industry worldwide.
The company has a global network of sales, service and user support,
with 22 offices in 19 countries, serving all major oil and gas producing
provinces in the world.
Paradigm's advanced set of Software Solutions and Geophysical and
Reservoir Study Services, in the form of Trace-to-Target workflows,
supports every stage in the oil and gas E&P process, from Data
Processing and Imaging; through advanced Visualization, Interpretation
and Earth Modeling; to Reservoir Characterization and Petrophysics;
up to Well Planning and Drilling Operations.
More information can be see at www.paradigmgeo.com.
Posted by Richard Price,
Editor Pipeline Magazine
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