Wellbore Integrity Solutions (WIS) received US regulatory approvals 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, as announced on May 14, 2019. The transaction is valued at approximately $400 million. WIS continues to expect to close the transaction by year-end 2019.
After completion of the transaction, WIS will have an upwards employee count of 1,100 and operate globally.
ABOUT WELLBORE INTEGRITY SOLUTIONS
Wellbore Integrity Solutions (WIS) has been established as a customer-focused platform to acquire assets and technologies with the goal of providing a comprehensive suite of products and services that reduce the life cycle risk of oil, gas and geothermal wells. As a standalone independent company with a vertically integrated structure, WIS focuses on providing quality U.S. manufactured products delivered via a global engineering and field services footprint. Through our unique position in the energy industry, we will serve the wellbore integrity needs of energy companies, service companies, and local partners.