Rubicon Oilfield International has purchased the assets and operating business of Canadian firm World Oil Tools for an undisclosed sum.
Based in Calgary, World Oil Tools manufactures and supplies specialty inflatable products and technology used in downhole completions operations.
World Oil provides inflatable product solutions for the E&P operators and service companies, which can be used in various locations ranging from the US unconventional basins to complex international land and offshore environments.
The deal will expand Rubicon’s portfolio of products in the completions solutions business segment, which provides inflatable packers, external casing packers and drill-stem testing technology to the customers across the globe.
Rubicon president and CEO Michael Reeves said: “Rubicon is well positioned to advance the reach of World's product offering into new and under-represented geographies.
“Providing World's extraordinary people and best-in-class technology with access to Rubicon's global customer service capabilities will immediately enable our new teammates to offer higher value and more comprehensive completions solutions to their customers.”
World Oil Tools CEO Dennis Makar said: "We are excited to combine with Rubicon and believe this transaction will significantly accelerate the growth of our business.
“Through hard work and dedication over the past 17 years, the people of World Oil Tools have built a successful business and I am excited for all of us in this next chapter of growth.”
Rubicon is engaged in the designing, manufacturing, selling and renting of downhole oilfield products in major markets across the globe.
Rubicon was established in 2015 through combining the downhole products businesses such as Tercel Oilfield Products, Top-Co Holdings and Logan International.