Parker Wellbore has acquired International Tubular Management (ITM), marking the Houston-headquartered group’s entrance into the Norwegian market.
Formed in 1994, ITM offers repair and maintenance of pipes and accessories (OCTG), and produces newbuild downhole equipment.
Parker Wellbore, which provides land and offshore drilling services, rental tools and well services, said it would leverage the company’s technology and locations to expand its offering to customers in Norway and the UK.
The value of the acquisition deal was not disclosed.
Parker said it also intends to improve and expand its machine shop services to current and future customers from ITM’s locations in Tananger and Florø, in support of what it called “a circular economy service line model” consistent with the energy transition.
The acquisition follows news that the company – formerly known as Parker Drilling – planned to double its UK headcount as part of a global overhaul which sees it increasingly target North Sea operations and maintenance work (O&M).
Parker said it planned to add 500 – 700 jobs worldwide moving into 2022, which included “strengthening its presence in Aberdeen”, as it carried out its rebrands to Parker Wellbore.
The latest deal includes the onboarding of ITM’s 60+ personnel to Parker Wellbore – a move which the company says will offer new team members the potential for “accelerated career progression and development” across its existing global operations as the business grows in the coming years.
Chief executive Sandy Esslemont said: “With future growth in the North Sea, this acquisition provides an excellent base of operations to bring the global expertise of Parker Wellbore and the regional expertise of ITM together to support and grow the customer base.
“Additionally, this acquisition provides instant scale for the growth of our Drilling Rental Tool, Pressure Control, Well Intervention and Operations and Management service lines. The strategic locations in Tananger and Florø will improve our ability to react quickly to our customers’ needs through our global assets and support from our EAFC GeoMarket locations in the UK and the Netherlands.”
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