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Parker Drilling Co Acquires International Tubular Services Limited


Monday, 22 Apr 2013 09:50am EDT 

Parker Drilling Co announced the acquisition of International Tubular Services Limited and certain affiliates (ITS), subsidiaries of ITS Tubular Services (Holdings) Limited, a privately held international rental tools and well services company. In line with Parker's strategic goal to offer additional integrated products, services and expertise to international energy exploration and production (E&P) operators and drilling contractors, the acquisition significantly expands Parker's Rental Tools business to include ITS' customer base in growing international markets and additional well services. The business combination also creates opportunities to increase financial performance by leveraging operating costs and realizing tax benefits. ITS is an independent provider of rental tools and well services. Principal activities are renting drilling tubulars and pressure control equipment and providing casing running and fishing services. For this transaction, Goldman, Sachs & Co. acted as financial advisor, Ernst &Young LLP provided advisory services, and Baker Botts LLP acted as Parker's legal advisor. 

Company Quote

6.22
-0.06 -0.96%
28 Jul 2014