Houston-based Rival Downhole Tools Acquires Hunting Subsidiary
The acquisition of Hunting’s drilling tool business sets the stage for Houston-based Rival Downhole Tools to expand internationally, CEO Neil Fletcher says.
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Rival Downhole Tools LC is acquiring the drilling tools subsidiary of London-based Hunting Plc, which the CEO of Rival said sets the stage for the company, headquartered in Houston, to expand internationally.
“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,” Rival CEO Neil Fletcher said in a statement.
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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
Rival Downhole Tools increases U.S. footprint with Hunting subsidiary acquisition 12/15/2020
HOUSTON - Hunting PLC, the international energy services group and Rival Downhole Tools LC, a leader in downhole drilling technologies, announced that Rival has acquired the operating assets of Hunting Energy Services (Drilling Tools), Inc., a wholly owned subsidiary of Hunting, in exchange for Hunting securing a minority equity interest in Rival. Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
The complementary technologies, manufacturing, geographical footprints and engineering capabilities of the combined organizations - with 37 yearsâ experience in downhole technologies - will further establish Rivalâs market position as one of the top downhole tool providers to the onshore U.S. market. In