Schlumberger sells drilling assets worth $400m
The world’s leading provider of technology for drilling, production, and processing to the oil and gas industry, Schlumberger has signed an agreement with Houston-based firm, Wellbore Integrity Solutions (WIS) to secure its non-core drilling services for $400 million.
Wellbore, a private equity firm backed by Rhone Capital, is expected 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.
This deal will close by the end of 2019, and it is subject to regulatory approvals and other customary closing conditions.
Reacting to the agreement in place between the two companies, Chief Executive Officer, Wellbore Integrity Solutions, David MacNeill, said: “Our customers will benefit from our expansion as an independent service and product supplier with a strong global footprint.”
“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,” he added.
Kristi Vilay, president, Bits & Drilling Tools, Schlumberger, said the selling of Schlumberger’s subsidiary business investments will encourage more focus on core drilling : “The DRILCO, Thomas Tools, and Fishing & Remedial businesses will have greater opportunities for growth uniquely positioned within a strategic buyer’s portfolio. 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.”
With this deal, Wellbore is expected 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.
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