The drilling fluids industry in Europe is vital for oil and gas exploration. This sector includes companies that provide essential muds and additives required for drilling operations. Not only do these companies focus on delivering safe and effective solutions, but they also prioritize sustainability and the reduction of environmental impacts associated with drilling. The industry's future leans toward innovative drilling fluids that enhance efficiency while minimizing waste. With ongoing shifts toward renewable energy sources, the demand for efficient drilling techniques means companies are continuously adapting to developments in technology and environmental regulations, making the market dynamic and growth-oriented.


The list highlights a varied group of investors in the drilling fluids sector spread across multiple European countries. Comprising private equity, venture capital, and corporate investors, these firms range from startups like Investinor to large entities such as Shell. Founded between 1874 and 2021, their employee sizes vary from small teams to large workforces of over 10,000. In 2024, these investors collectively participated in a significant number of deals, showcasing their commitment to financing innovations in the drilling fluids space.


Top 15 Drilling Fluids Investors in Europe


1. EV Private Equity


EV Private Equity is an investment firm based in Stavanger, Rogaland, Norway, specializing in energy technology and sustainable investments. Founded in 2002, the firm partners with management teams to enhance business strategies and drive emissions reduction in energy-intensive sectors. Their focus on responsible investment practices positions them as a leader in the transition to a sustainable energy future. Notably, EV Private Equity has been involved in several transactions relevant to the drilling fluids industry, including the acquisition of Enhanced Drilling in August 2019, which highlights their commitment to investing in drilling-related technologies. Additionally, they have participated in funding rounds for companies like Reach Production Solutions and Workover Solutions, further demonstrating their engagement in the drilling and energy sectors.


2. Shell

  • Website: shell.com
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1907
  • Headcount: 10001+
  • Number of deals in 2024: 20
  • LinkedIn: shell

Shell plc is a multinational oil and gas company based in London, England, founded in 1907. It operates in the energy and chemicals sectors, providing essential products such as fuels, lubricants, and chemical solutions to businesses and consumers. Shell has been involved in various transactions that highlight its interest in the drilling fluids industry. For instance, Shell Technology Ventures backed Quantico Energy Solutions, a company focused on data-driven solutions for shale drilling, in a Series A financing round in 2015. Additionally, Shell Ventures participated in the $7 million Series A funding round for Salamander Solutions, a spinout from Shell that focuses on drilling technologies. Furthermore, Shell's acquisition of American Chemical Technologies Inc. in 2019 aimed to enhance its industrial lubricants portfolio, which is crucial for drilling operations. These transactions illustrate Shell's active role in the drilling fluids sector and its commitment to advancing technologies that support drilling activities.


3. Bgf

  • Website: bgf.co.uk
  • Type: Venture Capital
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 2011
  • Headcount: 51-200
  • Number of deals in 2024: 53
  • LinkedIn: bgfinvestments

BGF Investment Management Limited is a venture capital firm based in London, UK, founded in 2011. The firm specializes in providing growth funding and value creation support to small and mid-sized businesses across the UK and Ireland. BGF focuses on addressing the funding gap in the market through minority investments and extensive support services. Notably, BGF has invested in several companies within the oil and gas services sector, including Aubin Group, which received £2.25m to commercialize new products and expand its R&D efforts, and Isol8, which secured £3.5 million to develop its zero-emissions product portfolio and expand into wellbore construction. Additionally, BGF invested £5m in Spex Group to support its international expansion and technology development. These transactions highlight BGF's commitment to supporting innovation and growth in sectors that are closely related to drilling fluids and oil and gas operations.


4. HitecVision

  • Website: hitecvision.com
  • Type: Private Equity
  • Headquarters: Stavanger, Rogaland, Norway
  • Founded year: 1985
  • Headcount: 51-200
  • LinkedIn: hitecvision

HitecVision is a private equity investment firm based in Stavanger, Norway, founded in 1985. The firm specializes in the European energy sector, focusing on providing institutional capital to energy production and infrastructure projects with an emphasis on sustainability and the energy transition. HitecVision manages private equity funds and collaborates with various stakeholders to drive growth in renewable energy and related industries. Notably, HitecVision has made several significant acquisitions in the drilling and energy sector, including AXON Energy Products and Atlantica Tender Drilling, both of which are involved in drilling operations. Additionally, their investment in Energy Drilling highlights their engagement in the drilling fluids context, as this company is directly related to drilling services. These transactions demonstrate HitecVision's active role in the drilling industry, aligning with their broader investment strategy in energy.


5. Brenntag

  • Website: brenntag.com
  • Type: Corporate
  • Headquarters: Essen, North Rhine-Westphalia, Germany
  • Founded year: 1874
  • Headcount: 10001+
  • Number of deals in 2024: 8
  • LinkedIn: brenntag

Brenntag SE, founded in 1874 and headquartered in Essen, North Rhine-Westphalia, Germany, is a leading global chemical distributor that connects chemical manufacturers and users. The company serves approximately 195,000 customers across various industries, including food, pharmaceuticals, and oil & gas, by simplifying access to complex supply chains. Brenntag has made several strategic acquisitions to enhance its capabilities in the specialty chemical distribution market. Notably, their acquisition of the lubricants division of Reeder Distributors in 2019 aligns with their goal to expand in the lubricant distribution market, which is closely related to drilling fluids. Additionally, their joint venture with Raj Petro Specialities Pvt. Ltd. aims to strengthen their footprint in the Indian chemical distribution market, which is significant for chemicals and lubricants. These transactions highlight Brenntag's commitment to enhancing its distribution capabilities in sectors that are relevant to drilling fluids.


6. Maven Capital Partners

  • Website: mavencp.com
  • Type: Venture Capital
  • Headquarters: Glasgow, Scotland, United Kingdom (UK)
  • Founded year: 2009
  • Headcount: 51-200
  • Number of deals in 2024: 25
  • LinkedIn: maven-cp

Maven Capital Partners is a private equity firm based in Glasgow, Scotland, founded in 2009. The firm specializes in providing growth capital and investment solutions to small and mid-sized businesses across various sectors, including technology and healthcare. Notably, Maven has made significant investments in the oil and gas sector, including the acquisition of EFC Group and the funding of Glacier Energy Services, which aims to deliver advanced technologies for the oil and gas industry. Additionally, their investment in Deep Casing Tools highlights their involvement in companies that provide essential services and technologies for drilling operations. With a diverse portfolio and a focus on management buyouts, Maven Capital Partners is well-positioned to support growth in the drilling fluids industry.


7. Equinor

  • Website: equinor.com
  • Type: Corporate
  • Headquarters: Stavanger, Rogaland, Norway
  • Founded year: 1972
  • Headcount: 10001+
  • Number of deals in 2024: 6
  • LinkedIn: equinor

Equinor ASA is a public entity operating in the energy sector, focusing on oil, gas, and renewable energy. Founded in 1972 and based in Stavanger, Norway, Equinor has a workforce of over 10,000 employees. The company is committed to sustainability and aims to become a net-zero emissions entity by 2050. Equinor serves a diverse customer base, including governments and industries, providing energy solutions that address climate challenges while ensuring energy security. In recent years, Equinor has made significant investments in companies relevant to the drilling fluids industry. For instance, they led a Series B investment in Interface Fluidics, a company that specializes in nanotechnology for fluid testing, which is crucial for optimizing drilling fluids. Additionally, Equinor invested in Upwing Energy, which focuses on downhole gas compression technology, further showcasing their interest in enhancing drilling efficiency. These strategic investments highlight Equinor's role as a key player in the drilling fluids sector, alongside their broader energy initiatives.


8. Epiroc Construction Tools


Epiroc Construction Tools, founded in 2018 and based in Kalmar, Sweden, specializes in mining and construction equipment, offering a wide range of products including drill rigs and rock excavation tools. The company is dedicated to enhancing productivity and safety through innovative technology and services such as maintenance and digital solutions. Epiroc has been actively expanding its portfolio in the drilling sector through several key acquisitions. Notably, they acquired Renegade Drilling Supplies, a South African manufacturer and distributor of drilling consumables for mining exploration, which strengthens their position in the drilling fluids market. Additionally, their acquisition of Schramm Australia's intellectual property and production facilities, as well as RNP Mexico, a manufacturer of rock drills, further demonstrates their commitment to enhancing their drilling capabilities. These strategic moves indicate Epiroc's focus on the drilling industry, making them a relevant player in the drilling fluids sector.


9. Sika

  • Website: sika.com
  • Type: Corporate
  • Headquarters: Baar, Zug, Switzerland
  • Founded year: 1910
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: sika

Sika AG is a specialty chemicals company founded in 1910, headquartered in Baar, Zug, Switzerland. With a global presence in 103 countries and a workforce exceeding 10,000 employees, Sika develops and produces innovative solutions primarily for the construction and industrial sectors. Their product range includes concrete admixtures, waterproofing systems, and flooring solutions, catering mainly to construction companies and contractors. Notably, Sika has made strategic acquisitions to enhance its market position, including the acquisition of Thiessen Team USA in July 2023, which specializes in shotcrete and grouting products for the mining industry. This move aims to strengthen Sika's presence in the US mining market, indicating a focus on sectors that utilize drilling fluids. Other acquisitions, such as EMSEAL Joint Systems and Adeplast SA, further demonstrate Sika's commitment to expanding its product offerings and market reach within the construction chemicals domain.


10. Investinor

  • Website: investinor.no
  • Type: Venture Capital
  • Headquarters: Trondheim, Trøndelag, Norway
  • Founded year: 2008
  • Headcount: 11-50
  • Number of deals in 2024: 4
  • LinkedIn: investinor

Investinor AS is a venture capital investment company based in Trondheim, Trøndelag, Norway, founded in 2008. The firm specializes in providing funding to promising startups and companies, helping them grow and achieve market leadership. Investinor manages state interests in seed and venture funds and collaborates with entrepreneurs and other investors. Among their notable transactions, Investinor has invested in Ziebel AS, a Norwegian oil services company, and Zilift Limited, a UK-based provider of artificial lift solutions for the oil and gas industry. These investments highlight Investinor's engagement in the oil and gas sector, particularly in technologies and services that are relevant to drilling operations.


11. Mutares Benelux

  • Website: mutares.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2021
  • Headcount: 51-200
  • Number of deals in 2024: 16
  • LinkedIn: mutares-benelux

Mutares Benelux, a private equity firm based in Amsterdam, was founded in 2021 and specializes in acquiring and managing companies in transition. The firm focuses on providing operational support and consulting services to enhance profitability and growth across various sectors, including automotive, technology, and retail. Notably, Mutares has been involved in several significant transactions, including the acquisition of SFC Solutions, which encompasses seals and fluids activities, indicating a direct involvement in the fluids sector. This acquisition allows Mutares to leverage its expertise in operational management to potentially improve the performance of companies in the drilling fluids market. Other transactions, such as the acquisition of Vallourec Bearing Tubes, further demonstrate Mutares' commitment to enhancing its engineering and technology segment, which could also intersect with the drilling fluids industry.


12. Glencore

  • Website: glencore.com
  • Type: Corporate
  • Headquarters: Baar, Zug, Switzerland
  • Founded year: 1978
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: glencore

Glencore plc is a multinational commodity trading and mining company based in Baar, Zug, Switzerland, founded in 1978. With over 10,000 employees, Glencore operates across various sectors, including metals, minerals, and energy. The company supplies essential commodities such as copper, cobalt, and oil to businesses and organizations, supporting their production and manufacturing needs. Glencore is committed to responsible sourcing and sustainability in its operations. Notably, Glencore has been involved in significant transactions in the energy sector, including a recent investment in Tullow Oil, which raised $400 million in Post-IPO Debt in November 2023. This investment indicates Glencore's engagement in the oil industry, which is closely related to drilling fluids. Additionally, Glencore's acquisition of Astron Energy and Astron Botswana in 2019 further emphasizes its commitment to expanding its energy portfolio, which may intersect with drilling operations.


13. Addtech AB

  • Website: addtech.se
  • Type: Corporate
  • Headquarters: Stockholm, Stockholm, Sweden
  • Founded year: 1906
  • Headcount: 1001-5000
  • Number of deals in 2024: 9
  • LinkedIn: addtech-ab

Addtech AB is a corporate investor based in Stockholm, Sweden, founded in 1906. The company specializes in providing high-tech products and services across various sectors, including automation, electrification, energy, industrial solutions, and process technology. In 2023, Addtech acquired a 90% stake in Feritech Global, a company focused on bespoke technical solutions for the geotechnical subsea sector, which enhances its growth in the offshore wind power industry. This acquisition aligns with Addtech's strategy to enhance operational efficiency and sustainability, which are critical in the drilling fluids context. Additionally, Addtech has made several other acquisitions, such as Advanced Valve Solutions, which provides engineered high-end valves, and Flow-Teknikk, indicating a broader interest in industrial solutions that may intersect with drilling operations.


14. Ineos

  • Website: ineos.com
  • Type: Corporate
  • Headquarters: London, England, United Kingdom (UK)
  • Founded year: 1998
  • Headcount: 10001+
  • Number of deals in 2024: 4
  • LinkedIn: ineos

Ineos Group Limited is a prominent chemical manufacturer based in London, England, founded in 1998. The company operates across various sectors, including petrochemicals, polymers, and consumer brands, producing essential materials for industries such as automotive, healthcare, and construction. Ineos has a decentralized structure that emphasizes agility and innovation, with a strong focus on safety and sustainability. In recent years, Ineos has made significant acquisitions to bolster its position in the energy sector. Notably, in December 2024, Ineos acquired the U.S. Gulf of Mexico business from CNOOC Energy Holdings U.S.A. Inc. for just under $2 billion, enhancing its production capacity to over 90,000 barrels of oil equivalent per day. Additionally, the acquisition of WLP Holding Corp in 2016, a leading HDPE pipe manufacturer, highlights Ineos's strategic move to strengthen its position in the North American pipe market, which is relevant to the oil and gas sector. These transactions reflect Ineos's commitment to expanding its energy business and its potential relevance to the drilling fluids industry.


15. Parkwalk Advisors


Parkwalk Advisors is a London-based venture capital firm founded in 2009, specializing in investments in university spin-outs and innovative technologies. They manage various EIS funds aimed at providing capital appreciation and tax reliefs for investors. Their focus is primarily on high-growth companies in sectors such as AI, life sciences, and cleantech. Notably, Parkwalk has participated in funding rounds for companies like Oxford Flow, which raised significant capital to accelerate oil and gas product development, indicating a potential interest in technologies relevant to the drilling fluids sector. Other investments include Inductosense and Ionix Advanced Technologies, which, while not directly related to drilling fluids, showcase Parkwalk's engagement in innovative technology sectors.



Drilling Fluids Insights: Key Investors in Europe


InvestorHeadquarterSizeFoundedDeals 2024
EV Private EquityStavanger, Rogaland, Norway11-5020020
ShellLondon, England, United Kingdom (UK)10001+190720
BgfLondon, England, United Kingdom (UK)51-200201153
HitecVisionStavanger, Rogaland, Norway51-20019850
BrenntagEssen, North Rhine-Westphalia, Germany10001+18748
Maven Capital PartnersGlasgow, Scotland, United Kingdom (UK)51-200200925
EquinorStavanger, Rogaland, Norway10001+19726
Epiroc Construction ToolsKalmar, Kalmar, Sweden10001+20183
SikaBaar, Zug, Switzerland10001+19102
InvestinorTrondheim, Trøndelag, Norway11-5020084
Mutares BeneluxAmsterdam, North Holland, Netherlands51-200202116
GlencoreBaar, Zug, Switzerland10001+19783
Addtech ABStockholm, Stockholm, Sweden1001-500019069
IneosLondon, England, United Kingdom (UK)10001+19984
Parkwalk AdvisorsLondon, England, United Kingdom (UK)11-50200917


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