Rubicon Oilfield International (Rubicon) has acquired Tercel Oilfield Products (Tercel), an oilfield products company recognized for delivering valuable drilling and completion technologies, from Lime Rock Partners. Terms of the transaction were not disclosed.
This transaction establishes Rubicon's global platform for delivery of well construction solutions. Backed by a significant capital commitment from Warburg Pincus, a leading global private equity firm, Rubicon will invest in the accelerated growth of Tercel product lines, enabling Tercel employees around the globe to deliver even greater value to their customers.
"We are extremely excited by the opportunities this transaction creates. The combination of Tercel's highly talented employees and industry recognized technologies with Rubicon's financial strength will deliver compelling value to our customers around the world," said Mike Reeves, President and Chief Executive Officer of Rubicon. "The dedication, passion and urgency of our now-expanded Rubicon team will ensure we fulfill our commitment to deliver Practical Innovation™ in support of our clients as they explore and produce energy in ever more complex environments."
Tercel's broad portfolio of downhole well construction products is widely acknowledged for innovative design yet simple and effective performance, enabling customers to achieve their drilling and completion goals with minimal risk and maximum efficiency.
"We have worked to establish ourselves as the leader in torque and drag reduction in the construction of horizontal and extended reach wells. Our Practical Innovation approach to product development and service delivery is unmatched in the industry. We are very excited to join Rubicon. This will provide additional growth opportunities for Tercel's products and its employees," said Hossam Elbadawy, Chief Executive Officer of Tercel.
"Rubicon is committed to growing its world class oilfield products organization, providing exceptional service and solutions in a challenging industry environment," said John Griggs, Rubicon Chief Financial Officer. "Today's announcement represents the first step toward this commitment and we are confident that we will continue to achieve shared success in our partnership with Tercel."