Scientific Drilling Expands Magnetic Ranging Portfolio, Acquires Marksman Ranging Technologies
Apr 22, 2015, 11:25 ET
HOUSTON, April 22, 2015 /PRNewswire/ -- Scientific Drilling International (SDI), a major independent directional drilling and wellbore placement services company, acquired Marksman Ranging Technologies, an emerging leader in innovative magnetic ranging technology and services.
The transaction combines two highly complementary suites of services into a comprehensive portfolio of magnetic ranging offerings to customers on a global scale. Providing commercially proven active and passive ranging capabilities gives Scientific Drilling a competitive advantage in the marketplace.
"We are pleased to announce this combination with Marksman as it will bring compelling benefits to our customers and will strategically complement our existing wellbore placement offerings," said Phil Longorio, CEO and President of Scientific Drilling. "This acquisition is a win-win for Marksman stakeholders and SDI. Together, we have a bright future ahead and we are excited to enroll unmatched technology coupled with highly talented individuals into the SDI family."
Marksman Ranging Technologies is a Canadian-based technology company providing active ranging solutions to the Steam Assisted Gravity Drainage (SAGD), collision avoidance, wellbore intercept, Coal Bed Methane (CBM) and other complex drilling markets. Scientific Drilling has served this space utilizing its successful passive ranging solution (MagTraC MWD Ranging™) with over 530 projects in nearly every oilfield geography around the world. "The combination will deliver an unsurpassed depth and breadth of solutions to our customers and create market share capture opportunities for the company in existing and new markets," Longorio stated.
For more information on SDI's precision ranging solutions, please visit www.scientificdrilling.com/MagneticRanging.
Simmons & Company International provided investment banking counsel to SDI.
Scientific Drilling International (SDI) is the largest independent directional drilling and wellbore placement service provider with operations strategically located around the world. SDI possesses a unique combination of both experienced professionals and an extensive portfolio of innovative drilling and production technologies. You can find more information about SDI at www.scientificdrilling.com.
Scientific Drilling International, Inc.
16701 Greenspoint Park Drive, Suite 200
Houston, Texas 77060
Tel: 281.443.3300 Fax: 281.872.0005
www.scientificdrilling.com
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SOURCE Scientific Drilling International