Wellsite Rental Services LLC said July 9 it has agreed to merge with Viking Oil Tools, a specialty fishing, thru tubing and remedial services company based in The Woodlands, Texas. Terms of the transaction weren't disclosed.
The combined company will form Wellsite Fishing and Rental Services LLC. The strategic merger will serve several markets, including the Permian, Marcellus, Utica, Eagle Ford, East Texas and the Gulf Coast.
The merger will allow Broussard, La.'s Wellsite to provide complete packages of equipment and field service after fracturing operations are completed and enables the company to more broadly compete in the drilling, workover and completions markets, said Kirby Arceneaux, chairman and CEO of the combined company.
“Wellsite offers high quality tubulars and associated handling tools along with a variety of other rental items, so combining Viking’s first-class thru tubing, fishing and remedial service lines with our expansive rental portfolio is a strategic move for both companies,” Arceneaux said.
Following the completion of the merger, Wes Heiskell, former president and CEO of Viking will serve as Wellsite’s president. Mark Johnson, current president of Wellsite, will serve as the COO of the combined company.
Both companies are majority owned by NGP Energy Technology Partners (NGP ETP), an energy private equity firm.
“The Wellsite and Viking service offerings are very complementary in completion and remedial applications, so we see this combination as a great strategic opportunity for both companies. We are also very excited to have two proven management teams with deep industry experience partner together,” said Michael LeBourgeois, managing director of NGP ETP.
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