Chadbourne & Parke advised Prime Energy Consult Ltd (Prime Energy), a UAE-based oil field services firm, on the sale of its business and assets to Xodus Group, a UK-based international energy consultancy.
Prime Energy provides management and advisory services spanning the upstream oil and gas business cycle, including field development and drilling. It is an independent company that specializes in providing integrated technical and commercial solutions to the global oil and gas industry.
Following the sale, Prime Energy’s team will form part of Xodus’ subsidiary based in Dubai, Xodus DMCC, which will be renamed Xodus-Prime DMCC. The deal, which closed on July 1, 2013, is Xodus’ first acquisition in the Middle East as well as a major step in its international expansion plan.
Chadbourne advised Prime Energy and its principals on all aspects of the sale, including the negotiation of the transaction documents and the formalities for the transfer of Prime’s assets, consultants and employees to Xodus.
Partner Simon Schmidt, who led the Chadbourne team, said, “We are very pleased to have advised Prime Energy on this significant deal in the regional oil field services industry. We are seeing increasing M&A activity in this sector, and it is exciting to see Dubai consolidating its position as a super regional hub for the oil and gas industry.”
The Chadbourne team that worked on the deal consisted of Dubai partners Simon Schmidt and Daniel J. Greenwald, III and legal assistant Maria Pushkareva.
