Schlumberger Ltd. agreed on May 14 to the $400 million sale of its fishing and tubulars businesses to privately held Wellbore Integrity Solutions (WIS).
WIS, backed by private-equity firm Rhône Capital, was recently formed by industry veterans with “extensive experience in the wellbore integrity market space and global operating experience in oilfield services, manufacturing and E&P,” according to the company website.
As part of its agreement with Schlumberger, WIS is acquiring 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.
WIS, headquartered in Houston, plans 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.
After completion of the transaction, expected by year-end 2019, WIS will have close to 1,100 employees and operate in 25 countries.
“Our customers will benefit from our expansion as an independent service and product supplier with a strong global footprint,” David MacNeill, CEO of WIS, said in a statement. “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.”
MacNeill founded WIS alongside Ron Melnyk, who serves as the company’s COO. Prior to WIS, MacNeill served as president and CEO of Logan International. He also previously served in numerous positions at Schlumberger throughout his career.
The transaction is subject to regulatory approvals and other customary closing conditions.
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