WELLBORE INTEGRITY SOLUTIONS ACQUIRES SCHLUMBERGER’S FISHING AND TUBULAR ASSETS
Wellbore Integrity Solutions (WIS), an affiliate of private equity firm Rhône Capital, and Schlumberger jointly announced that they have entered into an agreement for WIS to acquire the businesses and associated assets of DRILCO, Thomas Tools, and Fishing & Remedial services, along with part of a manufacturing facility located on Rankin Road in Houston, Texas. The transaction is valued at approximately $400 million and is subject to regulatory approvals and other customary closing conditions. The parties expect to close the transaction by year-end 2019.
WIS expects to operate the combined businesses as a global, customer-focused provider of drilling tubulars services; tubing work strings, rentals and accessories; and fishing and remedial services for drilling, intervention and abandonment activities for the oilfield services industry.
“Our customers will benefit from our expansion as an independent service and product supplier with a strong global footprint,” says David MacNeill, CEO, WIS. “We are very proud to acquire these historic companies that have been delivering quality products and services to the oil and gas industry for over 60 years.”
Kristi Vilay, President, Bits & Drilling Tools, Schlumberger, added: “The DRILCO, Thomas Tools, and Fishing & Remedial businesses will have greater opportunities for growth uniquely positioned within a strategic buyer’s portfolio. This divestiture will enable Schlumberger to focus on its core drilling strategy, including the development of automation technologies that can be enhanced by digital enablement.”
After completion of the transaction, WIS will have close to 1,100 employees and operate in 25 countries.
Wellbore Integrity Solutions (WIS), based in Houston, has been established as a customer focused platform to acquire assets and technologies with the goal of providing a comprehensive suite of products and services that reduce the life cycle risk of oil, gas and geothermal wells. As a standalone independent company with a vertically integrated structure, WIS focuses on providing quality U.S. manufactured products delivered via a global engineering and field services footprint. Through our unique position in the energy industry, we will serve the wellbore integrity needs of energy companies, service companies and local partners.