Alaska Native corporation acquires oil field automation firm

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KODIAK, Alaska (AP) Alaska Native regional corporation Koniag Inc. has acquired oil field automation services firm Glacier Services Inc.

The Kodiak Daily Mirror reported Thursday that the firm is the largest Alaska-owned oil field automation services operation. It boasts clients and projects across the state, from the Kenai Peninsula to the North Slope.

Koniag's board chairman and interim CEO Ron Unger says the addition will strengthen Koniag's oilfield services capabilities because the corporation also owns Dowland-Bach, an oil field equipment manufacturing firm. The corporation hopes to operate the two companies in tandem.

Koniag says the corporation has shown four years of continued profitable growth, with revenues of $270 million in fiscal year 2017 and assets of $170 million.