Drilling Tools International Acquires Reamco

MarineLink.com
Tuesday, March 18, 2014

Hicks Equity Partners (HEP), a private equity firm led by the Thomas O. Hicks family, announced that its portfolio company, Directional Rentals, Inc., has acquired Reamco, Inc., a company based in Lafayette, La., that manufactures, rents and refurbishes downhole drilling tools and related products used in the drilling industry.
 


Directional Rentals, Inc., an oilfield services company, has also been renamed Drilling Tools International (DTI) to more accurately reflect the company's mission of renting, manufacturing and selling drilling tools used in bottom hole assemblies to the world's leading oilfield services companies, independent directional drillers and exploration companies, both onshore and offshore.



Reamco specializes in the manufacture and refurbishment of stabilizers, drill collars, reamers and related products and also offers grinding and hardfacing capabilities. Through this strategic acquisition, DTI will expand its machining capabilities and offer even better customer service by shortening turnaround time and improving quality on essential tool repairs. Reamco maintains key certifications from the American Petroleum Institute (API) and is ISO certified.



Reamco’s previous owners, Brent Milam and Ashley Lane, have become shareholders in DTI and have joined the company’s management team. Milam founded Reamco in 1985 and has served as the company’s president since that time. Lane was instrumental in Reamco’s founding and returned to the company as chief executive officer (CEO) in 2011 after leading Drilling Logistics, Inc. for several years.



Thomas O. Hicks, chairman and CEO of Hicks Equity Partners, said, “We are delighted by DTI’s progress since we acquired the company in 2012. Wayne Prejean and his team have done an outstanding job meeting the needs of a dynamic marketplace and positioning the company for future growth. Likewise, Brent and Ashley have also built an excellent company in Reamco and have cultivated a well-deserved reputation as a leading downhole tool manufacturing company. The combination of these two world class entities creates a more competitive industry participant with expanded capabilities that we expect to drive growth in the international drilling markets.”
 


DTI CEO, Wayne Prejean, added, “The acquisition of Reamco is a ‘win-win’ that strengthens our strategic position and capabilities through an enhanced ability to aggressively pursue new markets such as deep water drilling. In particular, our customers will benefit as we bring more maintenance and repair operations in-house, allowing us to more efficiently deliver the services they need. We look forward to growing Reamco through key investments in its facilities, equipment and people, which is the true strength of our company.”



Milam said, “I am excited to join forces with Wayne Prejean, the DTI team and Hicks Equity Partners. I have dedicated much of my professional career to the development of this company and could not have asked for better partners as we look towards the next phase of our growth.



Lane added, “With the opening of our new sales office in the North Sea and the horsepower and asset base of DTI, I look forward to substantial growth in Europe, West Africa and the Middle East.”



Bracewell & Giuliani LLP served as legal counsel to DTI and KPMG provided accounting and tax advice with respect to the transaction.

 

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Bollinger Fourchon: 13 Years Without a Lost Time Accident

Bollinger Shipyards, Inc. announced that their Bollinger Fourchon, L.L.C. facility has worked 13 years without a lost time accident. Building on a philosophy that starts at the top,

Messer's CEO Norville Announces Retirement

Bill Heller to assume the position as Messer Cuttings Systems’ President and CEO Gary Norville started at Messer Cuttings Systems Inc. in September 1980 selling and installing cutting machines.

Rohr Dredge Continues European Expansion

Rohr International Dredge Holdings, Inc. announced that it acquired Eurl Rohr France, including its current backlog, inventory and all associated intellectual property (IPR), on July 23, 2014.

Energy

Iraq's Kurds Have Right to Sell Oil While Squeezed by Baghdad

Iraq's Kurdish region has the right to keep selling oil as long as the Baghdad government keeps cutting its budget, the head of the Kurdish parliament's energy committee said on Tuesday,

Petroecuador Tenders to Buy 3.84m bbls of Naphtha

State-run oil company Petroecuador has launched tenders to buy a total volume of 3.84 million barrels of naphtha for delivery in the coming month at Esmeraldas,

Company Fined for Oil Spill Near Anacortes

Ecology issues $112,500 penalty for sunken vessel.   American Gold Seafoods faces a $112,500 penalty for an oil spill caused by the accidental sinking of its vessel,

Marine Equipment

Messer's CEO Norville Announces Retirement

Bill Heller to assume the position as Messer Cuttings Systems’ President and CEO Gary Norville started at Messer Cuttings Systems Inc. in September 1980 selling and installing cutting machines.

XtendFRESH Now Available from Carrier Transicold

The XtendFRESH atmosphere control system, which preserves quality and extends shipping distances for perishables shipped in refrigerated containers, is now available from Carrier Transicold.

Voith to Exhibit High Efficiency and DP Systems at SMM

At this year’s SMM in Hamburg, Voith will showcase propulsion systems and vessel concepts focusing on high efficiency and dynamic positioning even under challenging conditions.

Logistics

Iraq's Kurds Have Right to Sell Oil While Squeezed by Baghdad

Iraq's Kurdish region has the right to keep selling oil as long as the Baghdad government keeps cutting its budget, the head of the Kurdish parliament's energy committee said on Tuesday,

Diana Containerships Q2 & 1H 2014 Financial Results

Greece-based Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has reported net income of $0.6 million for the second quarter of 2014,

Mercator Lines Profit Hit by Low Bulk Freight Rate

Mercator Lines (Singapore) reported a revenue of US$ 16.5 million for Q1 2015, an increase of 19% as compared to correspoding period in the previous previous year, however a net loss of US$ 7.

Mergers & Acquisitions

Rohr Dredge Continues European Expansion

Rohr International Dredge Holdings, Inc. announced that it acquired Eurl Rohr France, including its current backlog, inventory and all associated intellectual property (IPR), on July 23, 2014.

Total Sells ts Coal Mining Assets to Exxaro

Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affiliate in South Africa.

Braemar Completes Merger with ACM Shipping

Braemar Shipping Services plc has completed the merger with ACM Shipping Group Plc (‘ACM’). ACM will merge with Braemar Seascope, the shipbroking division of Braemar Shipping Services,

Offshore Energy

Russia, China May Develop Floating Nuclear Power Plants

Russia and the world's top energy user China may jointly develop six floating nuclear power plants (NPPs), Russia's nuclear export body said on Tuesday, a further

Floating Production: $1.2b Speculative FLNG Ordered

The floating production business continues to be very strong, particularly in the LNG gas processing sector.  Last month saw a speculatively ordered floating liquefaction plant – a $1.

Prelude By the Numbers

Out at sea, look! It’s a ship! It’s a floating rig! It’s SuperFLNG! While not “faster than a speeding bullet,” Shell’s shipzilla Prelude is certainly more powerful than a speeding locomotive,

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Pipelines Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1617 sec (6 req/sec)