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,” David MacNeill, CEO, WIS, said. “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.”
“The DRILCO, Thomas Tools, and Fishing & Remedial businesses will have greater opportunities for growth uniquely positioned within a strategic buyer’s portfolio,” Kristi Vilay, President, Bits & Drilling Tools, Schlumberger, added. “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.