MORPHEUS ANNOUNCES STRATEGIC PARTNERSHIP
MORPHEUS ENERGY SERVICES ANNOUNCES STRATEGIC PARTNERSHIP WITH CANADA’S PROSTAR ENERGY AND SECURES FINANCING FROM TRIWEST CAPITAL PARTNERS
PRESS RELEASE - Brisbane, Australia
March 5, 2021
Morpheus Energy Services (“Morpheus”), a new, Australian based, workover and completion well service specialist, is pleased to announce that it has secured exclusive access to automated rig technology manufactured by Prostar Energy LP (“Prostar”). Prostar’s rig technology, in combination with the Morpheus team’s extensive experience in the well service industry in Australia, brings leading service rig technology to the Australian marketplace. Morpheus is scheduled to have its first fully automated service rig, using Prostar technology, available in the marketplace in the second half of 2021, with manufacturing of rig components in Queensland, Australia commencing in the coming months. To bring this innovative equipment and secure jobs for Australians in the gas extraction market, Morpheus secured funding from TriWest Capital Partners (“TriWest”) a Canadian headquartered private equity firm.
Morpheus is a purpose built well service company that enables Australian gas producers and explorers to efficiently and safely complete and workover gas wells using highly automated equipment and data analytics capabilities. The leading-edge equipment to be manufactured by Morpheus and Prostar will enable Australian gas companies to produce faster and minimise environmental and safety risks. The Company’s mission is to provide fully integrated, data driven services using proven purpose- engineered equipment to deliver the highest quality service offering at unmatched levels of safety. Morpheus’ rigs will be the first of their kind in Australia and will set the new standard in well servicing capabilities.
Brennan Reid, Managing Director and CEO of Morpheus, said “We are excited to bring world leading service rig technology to Australia and build a business that will create 30 new direct jobs in 2021, create numerous indirect jobs, enhance the skilled labour component of the well service industry in Australia. We are also pleased to be manufacturing this technology in Australia as part of Morpheus’ partnership with Prostar.”
For more information about Morpheus, please visit www.morpheusenergy.com.au
About Prostar
Founded in 2006 and based in Nisku, Alberta, Canada, Prostar designs and operates fully automated service rigs for the oil and gas market. Prostar was created to safely and effectively provide well serving operations by collecting the industry's top performers, professionals, and innovative engineers to create highly disruptive world class rig technology. Prostar’s fully automated service rig technology enables best in class efficiency with the highest levels of safety. Technology has allowed Prostar to stop focusing on the hazards involved with efficient work and focus on the more critical removal of safety consequences. Leveraging Prostar’s rig technology ensures efficient and competitive services are provided to clients while maintaining exceptional safety for our professional team. For more information about Prostar, please visit www.prostarenergy.ca.
About TriWest Capital Partners
Founded in 1998 and based in Calgary, Alberta, Canada, TriWest is one of Canada’s leading private equity firms, having raised over C$1.35 billion in committed capital through six funds. TriWest makes significant equity investments in profitable companies and works in partnership with management to generate superior financial returns through the pursuit of growth opportunities and a focus on operational excellence. TriWest provides more than just capital. The principals of TriWest have significant operational and financial expertise, making us effective partners in creating shareholder
value. For more information about TriWest, please visit www.triwest.ca.