Premium Oilfield Technologies said Oct. 26 it acquired Odessa, Texas-based Cutter Drilling Systems, positioning the Quantum Energy Partners-backed company as a leader in the drilling market.
Cutter is the largest provider of medium- and low-pressure rotating control device (RCD) equipment in West Texas in the heart of the Permian Basin. Terms of the transaction were undisclosed.
The acquisition of Cutter adds to a growing Premium product suite and will expand the services they provide customers, according to the company press release.
Cam Hewell, president of Premium, said in a statement, “Cutter’s leading position in the rental of its patented low and medium pressure rotating heads will help Premium continue to develop innovative technologies that decrease non-productive time while also improving wellbore integrity and overall safety.”
Premium engineers and manufactures harsh-service drilling equipment and expendables, focusing primarily on mud pumps, mud valves, top drives and other mission-critical equipment around the drilling rig.
Blaise Riggs, Cutter’s president, said his team is excited to partner with Premium on the next phase of the company’s growth.
“We think that Premium’s industry expertise and corporate footprint will enable Cutter to expand our service offering and explore new opportunities and applications for our products,” Riggs said in a statement.
Headquartered in Houston, Premium has field sales and service operations in all of the major U.S. shale plays as well as several locations in the Middle East. The company’s equity provider, Quantum Energy Partners, has managed more than $16 billion in equity commitments since inception in 1998.
UK's Mondi Scraps $1.17 B Deal to Sell Largest Russian Plant
2023-06-05 - London-listed shares in Mondi were down by 1.5% after the company announced the transaction's cancellation.
NGP Energy Transition IV Closes at $700 Million in Total Commitments
2023-06-05 - NGP’s fund has invested in a number of portfolio companies such as Noveon Magnetics and Rubicon Carbon, among others.
A&D Minute: E&Ps Keep an Eye Out for Depth, M&A [WATCH]
2023-05-31 - In this week's A&D Minute, ConocoPhillips snaps up Canadian oil sands assets in a $3 billion deal, tripping up Suncor in the process, and VTX Energy and Stronghold Energy II stay open-minded to M&A in attempts to target depth.
Principal Solar to Acquire Navarro Formation Wells, Pipeline
2023-03-15 - Principal Solar said it has executed a letter of intent to acquire controlling working interest and that a 2022 reserve report set the assets’ oil reserves value at approximately $116 million.
Marketed: The Petroleum Synergy Group Non-Operated Leasehold Working Interests
2023-03-14 - The Petroleum Synergy Group Inc. retained Eagle River Energy Advisors LLC to divest certain non-operated leasehold working interests across America.