Abrado Acquires Key Deltide Service Lines
Proprietary milling, fishing and magnetic tools viewed as a key to Abrado's "Video Onboard™" strategy for intelligent wellbore debris management
Houston, USA, June 22, 2016 (Newswire.com) - Leading specialist in wellbore cleanout and video diagnostics services, Abrado Wellbore Services has announced the acquisition of the specialty tool product lines of Deltide Energy Services, LLC. The acquisition results in Abrado taking full ownership of Deltide’s proprietary Medusa® section milling technology, its Rattler® suite of downhole magnets, it’s Mud Viper® surface ditch magnets and suite of fishing tool services, all of which complement Abrado’s existing proprietary downhole video services, suite of wellbore cleanout tools and displacement chemicals.
Commenting on the acquisition, Abrado CEO Sandy Esslemont stated, "Acquiring Deltide’s specialty downhole tools and expertise in section milling, fishing and magnetics allows Abrado to expand into the P&A market and further its ambitions to be the pre-eminent company for efficient wellbore debris management. Being able to diagnose the issue with downhole video, apply the appropriate Abrado cleanout/fishing/milling solution and validate job success with video, all in the same “toolbox” is unique to Abrado."
Deltide’s CEO, Paul Gariepy commented, “We are delighted that a quality service provider like Abrado will continue to accelerate Deltide’s downhole service line growth and development. Abrado will now be able to- provide a comprehensive and compelling solution to oil & gas operators challenged with efficient and cost effective section milling and fishing. The long and inventive history and quality service associated with Deltide’s downhole fishing and milling services lines will continue uninterrupted under the Abrado umbrella."
About Abrado: Abrado Wellbore Services (www.abrado-intl.com), has developed a strategic wellbore cleanout and wellbore diagnostics/validation business model that is unique to the industry. The company specializes in innovative downhole cleanout tools, chemical displacement services and “onboard” video-based diagnostic technology services targeted to the offshore and deepwater oil and gas business. Abrado is headquartered in Houston, Texas with representation globally and is a portfolio company of Energy Ventures (www.energyventures.no).
About Deltide: Deltide is a leading provider of specialty downhole tools, services and technologies for well abandonment, workovers and completions. Deltide has amassed extensive expertise over many decades in finding solutions to downhole challenges. Deltide currently holds 18 patents that cover its specialty tools and methods used in the numerous wellbore applications. www.deltide.com
For more information, please contact:
· Abrado Wellbore Services –
o Sandy Esslemont, CEO, firstname.lastname@example.org, 713 896-9960
o Scott Gilley, CFO, email@example.com, 713 896-9960
· Deltide Energy Services –
o Paul Gariepy, CEO, firstname.lastname@example.org, 281-768-6724
Source: Abrado, Inc.