This combination doubles Intrepid’s directional drilling capabilities in North America while also expanding its presence into certain Latin American countries
Gyrodata announced the sale of its directional drilling business to Intrepid Directional Drilling Specialists (Intrepid), a independent directional drilling services provider to North American customers. The sale includes effectively all of Gyrodata’s directional drilling personnel, as well as its high-performance drilling motors and MWD tools. This combination doubles Intrepid’s directional drilling capabilities in North America while also expanding its presence into certain Latin American countries.
The sale of the directional drilling business allows Gyrodata to more effectively align its priorities going forward. “This divestiture helps Gyrodata refocus on our core gyro surveying offerings and advancements in our SPEAR solid-state gyro technology, and it will make us more flexible and efficient than ever before as we continue to drive innovation in our differentiated surveying services,” commented Robert Trainer, President and CEO of Gyrodata. Importantly, independently of the announced transaction, Gyrodata will maintain its own fleet of telemetry systems, which will enable the Company to continue to provide its unique standalone gyro-while-drilling (GWD) services throughout the world.
Gyrodata is excited about the opportunity to combine its best-in-class directional drilling business with Intrepid, which has itself emerged as a leader on U.S. land. “Having worked with Intrepid for many years, we knew that they were the right partner for this transaction,” Trainer continued. “Together, we are helping to build a truly unique directional drilling provider, both in terms of scale and capabilities. Furthermore, the high quality of personnel at Gyrodata and Intrepid will combine to make a clear leader in the space.”
“This transaction represents a major step forward for Intrepid in terms of scale and service quality,” noted Clint Leazer, President of Intrepid. “We are excited to expand our high-performance motor and MWD tool fleets to better serve the needs of our customers in the Permian Basin, across North America, and in Latin America. Having drilled more than 5,000 directional wells since our establishment in 2001, we know what our customers want: improved drilling efficiency, increased wellbore quality, and unparalleled service. We strongly believe that expanding our business at this time will allow us to better meet our customers’ needs as the market continues to evolve in the coming years.”
Financial terms and conditions of the acquisition were not disclosed. Intrepid was advised by its investment banker, Stephens, Inc., and its legal counsel Wick, Phillips, Gould & Martin, LLP. Gyrodata was advised by its legal counsel Locke Lord LLP.
Source: Company Press Release