Downhole Drilling Player Expands US Footprint

Rival Downhole Tools has acquired the operating assets of Hunting Energy Services (Drilling Tools), Inc. PHOTO SOURCE: Rival Downhole Tools
Rival Downhole Tools LC reported Tuesday that it has acquired the operating assets of Hunting Energy Services (Drilling Tools), Inc. (HESDT) in exchange for Hunting PLC securing a minority equity interest in Rival.
The acquisition increases Rival’s U.S. footprint and supports its international expansion, Rival noted in a written statement emailed to Rigzone.
“This transaction marks a milestone in our mission to build a market leadership position and provide a complete offering in downhole tools, in our view increasing the value of our company by over $25 million,” remarked Rival CEO Neil Fletcher. “The addition of Hunting’s drilling tool business will enable us to not only serve the U.S. but also accelerate market reach and product development, leaving us ideally placed for a series of international launches in 2021 starting with the Middle East.”

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