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HOUSTON, Nov. 04, 2019 (GLOBE NEWSWIRE) -- Premium Oilfield Technologies announced today that it has executed agreements to buy Global Drilling Support “GDS” (www.globaldrillingsupport.com). The acquisition of certain of the GDS entities is closed and was effective immediately as of October 31, 2019, and the acquisition of a smaller operation of GDS is part of a separate agreement which is subject to customary closing conditions and is expected to occur in the first quarter of 2020.
Founded in 2008 by Keith Holliday and Paul Nicholson, GDS is the premier independent provider of tailored, “one-stop-shop” aftermarket solutions for both third-party and GDS manufactured top drives, providing a comprehensive range of top drive repair, recertification and overhaul services. Through its API Q1 and 8C operations in Houston and Midland/Odessa (USA), Dubai (UAE), and Tyumen (Russia), GDS repairs and recertifies top drives, and also stocks and distributes spare parts for most OEM top drive manufacturers. GDS also maintains an experienced in-house engineering and design team that supports its manufacturing operations and works with its customers to develop innovative solutions. Their crew of highly-trained service technicians are stationed around the world and are available for service calls related to any mechanical or electrical issue.
Using the knowledge from their experience maintaining and repairing top drives in the harshest conditions of the US shale plays, GDS developed the “GDM” top drive, which is uniquely designed to handle the high torques, high pressures, and abrasive muds of the most punishing horizontal wells in the US shale, or the deepest wells of offshore GOM, Saudi Arabia or Africa. GDM patented top drives are in use on drilling rigs worldwide and are proving to be the highest performing and most reliable top drive systems available today. GDM top drives, as well as other OEM top drives upgraded by GDS, are available with the company’s proprietary friction reduction software and Z Torque technology, which increase drilling efficiency and decrease drilling costs.
Both Mr. Holliday and Mr. Nicholson will remain with the combined company and will be an integral part of the Premium senior management team. Additionally, Mr. Holliday has agreed to join Premium’s board of directors.
Cam Hewell, President and CEO of Premium, said, “For several years I have admired the job that Keith and Paul have done building GDS, and believed that their company would be a great addition to Premium’s focus on mission-critical drilling equipment. As I have talked to drilling customers over the years, I have heard nothing but the highest praise for GDS’s culture of customer service, precision spare parts, recertification and overhaul services, as well as the GDM top drive itself. I’m really excited to be able to offer these products and services through Premium’s US and international network of at-the-rig drilling consultants.”
Keith Holliday, President and CEO of GDS, said, “Paul and I are excited to join the Premium family and help add to its tremendous growth. We look forward to expanding on our parts business through Premium’s sales networks in the USA as well as adding Premium parts to our sales kit overseas. Premium builds high quality parts with the customers’ interest in mind, much the same as we have run our business. Having known Cam for over a decade, I have the utmost respect for him and his team. Importantly, our teams have already collaborated on engineering design projects in the past with great success. We are no strangers to each other, and I am certain our joining forces will be a win-win situation for all.”
Premium Oilfield Technologies (www.premiumoilfield.com) designs, manufactures, sells and rents high-performance drilling equipment and spare parts, mostly focused around mud pump fluid-end expendables, mud valves, centrifugal pumps, shaker screens, Patriot pistons and top drive expendables. Premium also manufactures and sells the Sur-Lock suite of patented quick-change mud pump “add-on” components, which drastically reduce the time it takes to change pistons, valves, seats and liners in a mud pump. Sur-Lock also significantly increases employee safety by eliminating the need for sledgehammers in the parts-change process. The Premium Sur-Drive washpipe cartridge system is the first top drive washpipe cartridge system tested to 10,000 psi with water, and run successfully at peak pressure and rpm in the field. Premium’s Cutter Drilling Systems division rents its proprietary rotating control devices (RCDs), MPD chokes, flow-control valves, software and control automation to operators primarily in the US shale regions. Premium has operations and inventory warehouses in 12 locations in all of the major US shale areas, and additionally has operations/inventory in Dubai, Saudi Arabia, Kuwait, Oman, India and Mexico.
Premium is headquartered in Houston and is a portfolio company of Quantum Energy Partners, a Houston-based private equity firm.
About Quantum Energy Partners
Founded in 1998, Quantum Energy Partners is a leading provider of private equity capital to the global energy industry, having managed together with its affiliates more than $17 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumep.com or contact Michael Dalton at (713) 452-2110. To discuss an investment opportunity with Quantum, please contact Eric Nielsen at (713) 452-2050.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e73c70d6-d8fa-427d-900d-26c2cab954d7