Private-equity firm invests $15 million into oilfield tools venture: Reuters

EV Private Equity said on Thursday it had invested $15 million in Ashmin, the first private-equity investment in the Texas-based developer of drilling motors and well completion tools for oil companies.

The funds will help expand Ashmin’s management and sales efforts and its Workover Solutions business unit, which rents tools to drillers and oil services companies, said EV Investment Director Espen Strom. The Norwegian-U.S. private equity firm will take seats on the company’s board.