Wellsite Rental Services, LLC, a leading provider of drilling and completion rental equipment, and Viking Oil Tools, a specialty fishing, thru tubing and remedial services company, have agreed to merge to form Wellsite Fishing and Rental Services, LLC. Both companies are majority owned by NGP Energy Technology Partners, an energy private equity firm.
“The Wellsite and Viking service offerings are very complementary in completion and remedial applications, so we see this combination as a great strategic opportunity for both companies. We are also very excited to have two proven management teams with deep industry experience partner together,” says Michael LeBourgeois, managing director of NGP ETP.
“Wellsite offers high quality tubulars and associated handling tools along with a variety of other rental items, so combining Viking’s first-class thru tubing, fishing and remedial service lines with our expansive rental portfolio is a strategic move for both companies,” says Kirby Arceneaux, chairman and CEO of the combined company. “This allows Wellsite to provide complete packages of equipment and field service after fracturing operations are completed and enables us to more broadly compete in the drilling, workover and completions markets.”
Following the completion of the merger, Wes Heiskell, former president and CEO of Viking will serve as Wellsite’s President. “The Viking team is excited to be merging with Kirby and his Wellsite team,” says Heiskell. “This strategic merger is a great opportunity for both companies to expand our product and service offerings and deepen our relationships with existing and potential customers across several markets, including the Permian, Marcellus, Utica, Eagle Ford, East Texas and the Gulf Coast.”
Mark Johnson, current president of Wellsite, will serve as the Chief Operating Officer of the combined company.
“We are looking forward to working with Wes and his team at Viking to bring together the best of both companies,” says Johnson. “Together, we will continue to provide quality products and services to our customers and will strengthen our value in an increasingly competitive market.”
Adapted from a press release by David Bizley
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/10072015/wellsite-rental-services-to-merge-with-viking-oil-tools/