HOUSTON – Wellbore Integrity Solutions (WIS), an affiliate of private equity firm Rhône Capital, has entered into an agreement to acquire the businesses and associated assets of DRILCO, Thomas Tools, and Fishing & Remedial services, along with part of a manufacturing facility on Rankin Road in Houston from Schlumberger.
The transaction is valued at approximately $400 million and is subject to regulatory approvals and other customary closing conditions. It is expected to close by the end of 2019.
After completion of the transaction, WIS will have about 1,100 employees and operate in 25 countries.
WIS said it expects to operate the combined businesses as a global, customer-focused provider of drilling tubulars services; tubing work strings, rentals and accessories; and fishing and remedial services for drilling, intervention, and abandonment activities for the oilfield services industry.