HOUSTON, June 12, 2017 /PRNewswire/ -- Rubicon Oilfield International ("Rubicon") today announced it has acquired the assets and operating business of World Oil Tools Inc. ("World"), a leading manufacturer and supplier of specialty inflatable products and technology consumed in downhole completions operations. Terms of the transaction were not disclosed.
Established in 2000 and headquartered in Calgary, World has built a strong reputation for developing and delivering high-quality inflatable products satisfying 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 further strength to Rubicon's portfolio of products in the Completions Solutions business segment, enabling the organization to offer high value inflatable packers, external casing packers and drill-stem testing technology to customers around the world. Rubicon will leverage its broad commercial footprint to deliver even more effective customer support, dramatically accelerating market penetration by World product lines.
"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. "Providing World's extraordinary people and best-in-class technology with access to Rubicon's global customer service capabilities will immediately enable our new teammates to offer higher value and more comprehensive completions solutions to their customers."
"World's product offering, high-quality manufacturing capabilities and passionate team have significant growth potential. 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," said Richard Rodriguez, Chief Production Officer of Rubicon. "The acquisition of World represents another important step in Rubicon's path to delivering the most exciting oilfield products company in the industry."
"We are excited to combine with Rubicon and believe this transaction will significantly accelerate the growth of our business. Through hard work and dedication over the past 17 years, the people of World Oil Tools have built a successful business and I am excited for all of us in this next chapter of growth," said Dennis Makar, Chief Executive Officer of World. "I am confident that together, we will flourish by becoming proud members of the Rubicon family."
Rubicon Oilfield International Holdings, L.P. designs, manufactures and sells/rents downhole oilfield products in every major market around the globe. Rubicon was formed in 2015 and through the acquisition of leading downhole products businesses such as Tercel Oilfield Products, Top-Co Holdings and Logan International provides a broad suite of technology used throughout an oil and gas well's lifecycle. Headquartered in Houston, Texas with activity in over 50 countries and over 800 employees globally, Rubicon is fueled by strong commercial, manufacturing and engineering teams working closely together to deliver a world-class customer experience. Rubicon is led by a seasoned team of oilfield service and equipment industry executives and is committed to building a best-in-class global enterprise in the oilfield products and equipment sector. For more information, please visit www.rubicon-oilfield.com.
About World Oil Tools, LLC
World Oil Tools Inc. was established in 2000 as a Canadian based manufacturer and supplier of high technology inflatable products to the oil and gas sector. Based in Calgary, Alberta, World Oil Tools is staffed with some of the industry's best manufacturing and service personnel and is proven to engineer products for the most challenging environments including deep, sour, or extended reach horizontal wells.
About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $44 billion in private equity assets under management. The firm's active portfolio of more than 140 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 16 private equity funds, which have invested more than $60 billion in over 780 companies in more than 40 countries. For more than two decades, Warburg Pincus has invested or committed over $13 billion across more than 75 energy investments around the world with a focus on upstream, midstream and downstream oil and gas; energy services and technology; power generation and transmission;
alternative energy and renewables; and mining and metals. Notable investments include Antero Resources, Brigham Resources, Bill Barrett Corporation, Broad Oak Energy, Encore Acquisition Company, Kosmos Energy, Laredo Petroleum, MEG Energy, Newfield Exploration, Spinnaker Exploration and Targa Resources.
The firm is headquartered in New York with offices in Amsterdam, Beijing, Hong Kong, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore. For more information please visit www.warburgpincus.com.
Michael Reeves / Jayme Sperring
Mary Armstrong / Christopher Beattie
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SOURCE Rubicon Oilfield International