SALT LAKE CITY, UTAH, Jan. 7, 2015 -- Purestream Services, LLC, a Utah-based water treatment and solutions company, and John Swire and Sons Inc., a subsidiary of John Swire & Sons Limited (Swire), have partnered to provide a capital funding transaction that will allow Purestream to continue expanding its activities in oilfield water treatment and other water treatment markets.
Under the terms of the agreement, Swire 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 (see "System to treat frack water at Eagle Ford Shale site"), as well as the Bakken, primarily in North Dakota.
As part of the agreement, Andy Hunter, chairman of Swire, will join the Purestream Board. "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," he said. "Purestream is an innovative and solutions-driven company with exciting potential to grow. 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."
Neil Richardson, CEO of Purestream, added, "This agreement comes at a great time for Purestream, as we will benefit from Swire's U.S. 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."
