Rival Downhole Tools secures 5 year supply agreement
Published by John Williams,
Editorial Assistant
Oilfield Technology,
Rival Downhole Tools, a portfolio company of EV Private Equity, has secured a 5 year collaborative supply agreement for drilling motors for US Land from a major oilfield services provider. Rival will also accelerate the growth of its operational footprint into multiple basins to optimise its proximity to drilling activity.
The company recently becmae a provider of downhole drilling motors, proprietary friction reduction tools, and engineering services. With the long-term agreement secured, the company now manages one of the largest active drilling motor fleets in North America.
"The domestic motor market is exceedingly competitive and extremely transactional. This type of long-term commitment speaks to the value of the team we've built and the quality of our products and services," says Neil Fletcher, CEO, Rival. "The growth trajectory and stability this agreement affords Rival for years ahead is unprecedented. It will enable us to deliver significant value to all of our customers in US Land."
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/22082019/rival-downhole-tools-secures-5-year-supply-agreement/
You might also like
TotalEnergies signs agreement to acquire remaining 50% of SapuraOMV
SapuraOMV’s main assets are its 40% operated interest in block SK408 and 30% operated interest in block SK310, both located offshore Sarawak in Malaysia.