Rival Downhole Tools LC reported that it has acquired the operating assets of Hunting Energy Services Inc in exchange for Hunting PLC securing a minority equity interest in Rival.
The acquisition increases Rival’s US footprint and supports its international expansion.
“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,” said Rival CEO Neil Fletcher.
He added: “The addition of Hunting’s drilling tool business will enable us to not only serve the US 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 pointed out the combined company boasts complementary technologies, manufacturing, geographical footprints and engineering capabilities.
Moreover, it stated the deal further establishes its market position as a US onshore downhole tool provider and provides a catalyst for expansion in the Middle East – particularly Saudi Arabia. Other target markets for expansion include Argentina and China, Rival added.
For more information visit rivaldt.com
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