Private equity firm Genstar Capital has agreed to become majority shareholder in Drilling Info Holdings Inc., whose Drillinginfo software-as-a-service, or SaaS, provides data to oil and gas customers. Drillinginfo is a portfolio company of Insight Venture Partners, which would continue to be a major shareholder. Financial terms were undisclosed. Austin, TX-based Drillinginfo has completed 10 transactions to build its business, including the recent takeover of PLS Inc. and 1Derrick. “Drillinginfo’s focus on the world’s largest vertical market, the energy industry, brings ample opportunity for future growth,” said Genstar managing director Eli Weiss.
CNX Resources Corp. has signed a three-year agreement with Texas-based Evolution Well Services to utilize a 100% electric fracturing fleet. CNX said it would be the Appalachian Basin’s first long-term agreement for a 100% electric, natural gas turbine-powered fleet. Evolution is providing a 56,000 high hp pressure pumping fleet, which it said can reduce fuel costs by up to 95% and operate below federal emission standards. CNX COO Tim Dugan said the agreement “has the potential to be the next step change in the efficiency frontier and exactly the kind of technological disruption we’re focused on across the board.”