HOUSTON – January 2, 2020 – Wellbore Integrity Solutions (WIS), a portfolio company affiliated with private equity firm Rhône Capital, today announced that WIS has completed the acquisition of businesses and associated assets of Fishing & Remedial, DRILCO, and Thomas Tools from Schlumberger. As part of the initial closing, WIS acquired businesses and assets in 16 countries. Another 9 jurisdictions are expected to close in the coming months pursuant to the terms of the purchase agreement.
“Today marks the first day of bringing the WIS vision to a reality. Together, we are establishing our company the Wellbore Integrity Solutions way,” says David MacNeill, President and CEO. “Our mission is to be the global leader in wellbore integrity products and services, with a vision to build a global company that enables the consolidation of engineering, product development, manufacturing, and wellsite services to meet our customers’ needs.”
“We are committed to maintaining our customers’ wellbore integrity throughout the well lifecycle and do not take this commitment lightly,” says Ronald Melnyk, Chief Operating Officer. “To meet this commitment, we are proud to offer products and services that include but are not limited to the TrackMasterTM Whipstock Systems, ProCise, ProMill, and ProLatch-N, all DRILCO products, and the complete rental services from Thomas Tools.”
WIS is a customer-focused company that conducts its business with the highest ethical and professional standards and an unwavering commitment to QHSE. WIS strives to continuously improve the quality of services and products while protecting people and the environment. WIS prioritizes meeting the needs and expectations of customers and adhering to all customer, statutory, regulatory, internal and industry safety and quality requirements.
For a more complete list of products and services be sure to visit www.wellboreintegrity.com for more information.
Goldman Sachs & Co. LLC and B. Riley FBR, Inc. served as financial advisors to WIS.
About Wellbore Integrity Solutions
Wellbore Integrity Solutions (WIS) is a customer-focused provider of a comprehensive suite of products and services that enhance the life cycle of oil, gas, and geothermal wells. As an independent company with a vertically integrated structure, WIS provides quality U.S. manufactured products delivered via a global engineering and field services footprint. Through a unique position in the energy industry, WIS serves the wellbore integrity needs of energy companies, service companies, and local partners. Operating in over 25 countries, WIS focuses on customers and has globally integrated resources which include approximately 1200 employees and over 50 facilities around the world. To learn more, visit www.wellboreintegrity.com.
About Rhône Capital
With more than 20 years of investing experience, Rhône Capital and its affiliates (Rhône) comprise a global alternative investment management firm with over $5 billion of assets under management. The firm focuses its private equity investments in market-leading businesses with a pan-European or transatlantic presence and global growth opportunities. Rhône, which is currently investing capital from its fifth private equity fund, has invested in a diversified portfolio of companies including those in the business services, chemical, consumer product, energy, food, industrials, packaging, specialty material, and transportation sectors.
For Further Information, contact:
Roxanne Algra, Vice President of Marketing and Communications, Wellbore Integrity Solutions
Brunswick Group for Rhône Capital
Tel: +1 (646) 925-5063