Patterson-UTI Energy has entered into an agreement to acquire Pioneer Energy Services for approximately $295 million, which includes the retirement of all Pioneer Energy Services’ debt. The transaction is expected to close in Q4 2021. Transaction highlights include:
• Adds 16 super-spec drilling rigs to Patterson-UTI’s current fleet of 150 super-spec drilling rigs in the United States;
• Expands Patterson-UTI’s geographic footprint with the addition of eight pad-capable rigs in Colombia;
• Expects to generate annual synergies of more than $15 million;
• Complements Patterson-UTI’s current customer base and accelerates growth of its super-spec rig count into a market with improving demand;
• Enhances Patterson-UTI’s focus on reduced emissions, with additional rigs capable of using natural gas as a primary fuel source.
Andy Hendricks, Patterson-UTI Chief Executive Officer, stated, “Following the closing of this transaction, Patterson-UTI will own 166 super-spec rigs in the United States, with almost half of these rigs equipped to utilize alternative power sources for reduced emissions.”
Cathedral Energy Services has closed its acquisition of Precision Drilling’s directional drilling business for $6.35 million. The transaction includes operating assets and personnel of Precision’s directional drilling business – including its facility in Nisku, Alberta – along with a $3 million investment by Precision to support Cathedral’s growth. This includes the buildout of RapidFire measurement-while-drilling guidance systems and nDurance drilling motors.
As part of the transaction, Cathedral and Precision have entered a marketing alliance to support both parties’ technology initiatives. Precision’s Alpha digital technologies are focused on automation and drilling performance and pair well with Cathedral’s downhole equipment and directional drilling expertise. The alliance is expected to produce new customer opportunities for Cathedral, as well as potential integrated service offerings for customers.
Tracerco has been awarded a contract to provide tracer technology for inflow measurement to help maximize oil recovery from the Johan Castberg field offshore Norway.
Operated by Equinor and its partners, the Johan Castberg field development is expected to come on stream in 2023 and produce for 30 years. Tracerco’s oil and water inflow measurement solution will provide a continuous picture of well performance as part of the field development.
The contract was awarded to Tracerco to monitor seven pre-drilled producers using its inflow tracer technology installed as part of the lower completion design to monitor cleanup efficiency, locate water breakthrough, and quantify zonal oil contribution.
RotoJar has rebranded to become HydroVolve and appointed Jamie Airnes as CEO. The company’s three core technologies are INFINITY, PolyVolve and MonoVolve. INFINITY is a downhole engine that uses a combination of pressurized flow and drill string rotation to drive a wide variety of wellbore tools. PolyVolve is an advanced thrust bearing that allows faster running of completions and casing. MonoVolve is a robust side-force radial bearing, which is deployed to reduce friction when large side forces are being exerted between the wellbore wall and the drill pipe.
ServiceMax, a provider of field service management software, has signed an agreement to acquire LiquidFrameworks, a mobile field operations management solutions company. The acquisition enables ServiceMax to expand its field service management solutions and better meet the demand for digital service execution in the oil and gas industry.
Corva and NexTier Oilfield Solutions have announced a strategic technology partnership to optimize completions, reduce well costs and improve ESG performance. The collaboration will deliver new data-driven benefits, including customized visualization platforms; instantaneous communications; 24/7, dedicated engineering expertise; automated, AI-powered failsafes and alerts; and a significant reduction in nonproductive time.
Enteq Upstream has appointed Suki Gill as Business Development Vice President. She joins Enteq with 15 years of experience with measurements and logging while drilling engineering, multi-platform integration projects, training and operations management.
Baker Hughes announced that it was awarded two flexible pipe contracts by Petrobras in Q2 2021. The first contract covers up to 96 km of flexible pipe for the Sapinhoá and Tupi fields, and the second contract covers up to 226 km of flexible pipe for the Marlim 2 and Itapu fields.
The flexible pipes will be used for a mix of production lines, gas injection flowlines, water injection lines and services lines for pre- and post-salt subsea developments in Brazil. The flexible pipes are designed to ensure reliable connections and optimal flow under high pressures and in extreme temperatures and corrosive conditions.
Forum Energy Technologies (FET) has secured an order from DOF Subsea to supply two of its improved 200-hp Perry XLX-C work-class remotely operated vehicles (ROVs).
The advanced ROVs will add new capability to the DOF Subsea fleet and pave the way for aged asset renewals with a new and improved class of ROV.
The systems will be manufactured at FET’s UK facility at Kirkbymoorside, North Yorkshire and will be delivered in the second half of 2021.
FET has increased the power available on the ROV to suit the current specifications required by DOF Subsea and its prospective clients.
Halliburton has launched ExpressFiber, a single-use fiber optic cable that offers accurate, direct subsurface measurements, including cross-well communication, at a price point that enables fracture monitoring on every well pad.
ExpressFiber uses distributed acoustic sensing to acquire a direct measurement of microseismic, strain and temperature, unlike other cross-well monitoring techniques that provide indirect estimates. Paired with Halliburton’s intelligent fracturing and subsurface monitoring services, the cable can provide real-time actionable insights of fracture growth and well interference.
The single-use fiber can be installed any time before or during the fracturing operation.
FutureOn has partnered with Oliasoft to launch the Well Assist software. The tool combines FutureOn’s digital twin technologies, including FieldTwin Design 6.0, which bring real-time 3D planning into play from the earliest stages of project feasibility, with Oliasoft’s proven engineering software, which is designed to seamlessly connect every link in the well planning calculation chain. The integrated tool offers the ability to design, visualize, test and accurately cost field concepts from the topside to the target zone via a real-life, immersive subsea experience – all on a desktop computer.
Variable Bore Rams has added Cameron’s new variable high-temperature packers and top seals to its inventory. The products deliver the functionality of a variable ram assembly in high-temperature and high H2S applications. The 135/8 in. 3-10 M U 3 ½ in. x 5 ½ in. packers and top seals are proven to operate in extreme conditions. The products are rated API 16A, 4th edition, PR2; 30°F to 300°F, up to 35% H2S concentrations.
Reveal Energy Services has introduced the newest release of its ORCHID completions evaluation platform, version 2021.2, that supports the interpretation and analysis of distributed acoustic sensing (DAS) data acquired from casing or dip-in fiber optics. The platform now enables operators to integrate DAS data with offset pressure, microseismic, tracers, logs, and geologic information for a 360° interpretation of the physics driving well, pad, and unit development performance.
In addition to DAS support, ORCHID 2021.2 adds new patent-pending functionality to generate microseismic event density volumes and interpret them from any orientation in 3D using independently rotatable sampling regions of interest (SROI) and interactive real-time color-map manipulation. This enables scientists and engineers to place an SROI precisely along a wellbore or principal stress direction, interactively guided by the data.
Gardner Denver High Pressure Solutions (GD) has expanded its suite of pump offerings for the horizontal directional drilling (HDD) market with its new GD 800HDD pump.
The pump features a flow rate of more than 1,000 gal/min, making it suitable for the most demanding HDD projects. Its light weight eases transportation between work sites, and its high rod load rating of 53,000 lbs ensures the pump is tough and long lasting.
The pump is also designed to operate at a slow run speed, delivering the same output, flow and pressure as faster pumps but with less wear and friction. By delivering fewer strokes, consumable life is extended.
The HDD market has traditionally been reliant on heavy, less mobile oil and gas drilling pumps, said Adam Avey, Engineering Supervisor for GD. “The quintuplex (5-cylinder) pump runs with great efficiency and can make fast work of the largest HDD projects. Additionally, there is no requirement to change pistons to meet any required pressures.” DC