Offshore staff
CLEVELAND, Ohio – The Lubrizol Corp. has signed an agreement to acquire Weatherford International’s oilfield chemicals business, known as Engineered Chemistry, and its drilling fluids business, known as Integrity Industries.
Engineered Chemistry supplies additives and fluids for a range of oilfield activities, including cementing, drilling, flow assurance, and fracturing. It offers chemistry expertise to solve problems throughout the oil and gas drilling process. The business consists of a core manufacturing and research organization that supports a global field distribution network. Engineered Chemistry was built through a series of acquisitions over the past 12 years and is headquartered inHouston. It operates 10 sites located predominantly in North America.
Integrity Industries manufactures drilling fluid systems, including diesel, mineral oil and synthetic oil based fluids. The company supplies these drilling fluid systems to retail drilling fluid companies along with technical support. The business has occupied the same niche for more than 25 years and serves customers across a large North American footprint. Headquartered in Kingsville, Texas, Integrity Industries operates approximately 14 locations.
Once the transaction is complete, Engineered Chemistry and Integrity Industries, along with Lubrizol’s legacy energy and water business and Berkshire Hathaway portfolio company, Lubrizol Specialty Products Inc., will become a new business segment for Lubrizol. The new segment, Lubrizol Oilfield Solutions, will join Lubrizol’s other business segments, Lubrizol Additives and Lubrizol Advanced Materials. Within this new segment, Engineered Chemistry and Integrity Industries will operate independently.
The transaction is expected to close by the end of the year.
12/02/2014
