Houston oil field services firm Rubicon Oilfield International has purchased the assets and operating business of Calgary-based World Oil Tools, an oil well completions company.
Rubicon did not disclose terms of the transaction.
World Oil Tools makes, among other things, inflatable products that expand inside a well and temporarily or permanently restrict flow. The company works in U.S. basins as well as international offshore fields.
Rubicon, backed by New York private equity firm Warburg Pincus, designs, manufactures, sells and rents downhole oilfield products. It has about 800 employees in 50 countries. The company said World Oil will strengthen its completions products and “significantly” boost business.
“We are excited to welcome the World team to Rubicon,” said Rubicon CEO Michael Reeves. “Rubicon is well positioned to advance the reach of World’s product offering into new and under-represented geographies.”
Rubicon lauded World’s “high-quality manufacturing capabilities” and “passionate team,” and said the company has significant growth potential.
This article first appeared on the Houston Chronicle – an Energy Voice content partner. For more from the Houston Chronicle click here.
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