CIRI acquired a majority equity stake in Cruz Energy Services LLC to provide heavy construction and other oilfield services in the rapidly expanding oil industry in North Dakota and other Lower 48 markets. CIRI also acquired a majority interest in Cruz Marine LLC to provide tug and barge services for resource development projects.
Dave and Dana Cruz hold a significant minority equity position in these two companies and will manage their operations. CIRI did not acquire any interest in or oversight of Cruz Construction Inc., the Alaska land-based oilfield services provider, which is not impacted by this deal.
“I warmly welcome Cruz Energy Services and Cruz Marine to CIRI,” said Margie Brown, CIRI president and CEO. “These acquisitions are important to the Company. The Cruz-CIRI combination brings financial strength, experience and operational excellence and will help CIRI sustainably grow its energy business interests outside of Alaska. CIRI’s Cruz Energy and Cruz Marine investments provide CIRI with a very desirable measure of diversification in this business sector.”