U.S.-based Rubicon Oilfield International has acquired the assets, people and operating business of World Oil Tools, a manufacturer and supplier of specialty inflatable products and technology consumed in downhole completions operations.
In a Monday statement announcing the acquisition, Rubicon did not reveal the terms of the transaction.
Established in 2000 and headquartered in Calgary, World Oil Tools has been developing and delivering inflatable products for a multitude of needs from E&P operators and service companies across the globe – ranging from U.S. unconventional basins to complex international land and offshore environments.
The transaction adds to Rubicon’s portfolio of products in the Completions Solutions business segment, enabling the organization to offer inflatable packers, external casing packers and drill-stem testing technology to customers around the world, said the company.
“We are excited to welcome the World team to Rubicon and believe this transaction will significantly enhance our participation in the downhole completions market. Rubicon is well positioned to advance the reach of World’s product offering into new and under-represented geographies,” said Michael Reeves, President and Chief Executive Officer of Rubicon.
Richard Rodriguez, Chief Production Officer of Rubicon, said: “Together, we have the ability to increase production, deliver rapid response to customer demands and ensure that our brand continues to set the standard for others to follow.”
Dennis Makar, Chief Executive Officer of World, commented: “We are excited to combine with Rubicon and believe this transaction will significantly accelerate the growth of our business.”