List of Deals
GeoSource was incorporated in Delaware in September 1972 and commenced operations in January 1973 with the acquisition of Mandrel Industries from the Ampex Corporation. Geosource was primarily owned by North American Rockwell Corporation and DLJ Capital Corporation, a subsidiary of Donaldson, Lufkin & Jenrette.
GeoSource was involved in earth resources management. It provided products and services for the discovery, development, processing, and distribution of natural resources, primarily oil and gas. Within months of its creation, GeoSource embarked on a series of acquisitions that broadened the variety of services it provided, including land and marine geophysical crews, seismic data acquisition and processing, geophysical recording instrumentation, data-processing systems, geophones, and geophone cables.
GeoSource acquired Petty Geophysical Engineering Company in June 1973 and combined it with the Ray Geophysical operations unit of Mandrel to form the
Petty-Ray Division. GeoSource bought Hunt Tool Company and its affiliated businesses in May 1975. It acquired Smith Meter Systems Division from A.O. Smith Corporation in January 1976, and in April 1977 GeoSource bought Chronister Valve Company of Houston.
With these new businesses, GeoSource was able to negotiate contracts in 1977, such as a $3 million deal with Sonatrach, the Algerian national oil company, for replacement power systems on drilling rigs, and a $13 million contract from the U.S.S.R. Ministry of Geology for the outfitting of five geophysical exploration crews on vehicles to be used in Arctic operations.
GeoSource joined the New York Stock Exchange in November 1977.
In 1978 GeoSource continued acquiring companies by adding Picenco International Inc., a Houston-based maker of solids/liquid separation systems used primarily for control of solids in drilling fluids and petroleum production systems. GeoSource also bought the Geolograph/Medeans Group of companies in Oklahoma City for cash and debt in October 1978. Lastly, in December 1978 GeoSource purchased all of the assets of Wheatley Company, a subsidiary of Tesoro Petroleum Corporation. Wheatley was a Tulsa-based valve and pump manufacturer.
In October 1978 GeoSource announced the signing of four contracts totaling $15 million for geophysical equipment with China National Oil & Gas Exploration and Development Corporation and China National Geological Exploration Corporation.
Sales were $444.7 million in 1980 with net earnings of $32.7 million, compared to $264.1 million and income of $17.3 million in 1978. The company also employed 6,800 in 1980.