TIW transfers casing pulling tool intellectual property to Ardyne
Ardyne has agreed to acquire Dril-Quip subsidiary TIW Corp.’s casing pulling tool technology for $9.1 million.
Acquiring the intellectual property and certain CPT assets will give Ardyne control over the global application and development of the technology while at the same time licensing back some rights to TIW.
Ardyne CEO Alan Fairweather said the transaction would allow the company to access new markets and introduce flexible commercial models.
“Gaining control over the CPT technology is vital to justify further R&D investment,” he added.
Jake Wright, formerly vice president Operations at Knight Oil Tools, has joined the company as Gulf of Mexico region manager, based in Louisiana.