Rubicon Oilfield International today announced it has acquired the assets and operating business of World Oil Tools Inc. (“World”), a leading manufacturer and supplier of specialty inflatable products and technology consumed in downhole completions operations. Terms of the transaction were not disclosed.
Established in 2000 and headquartered in Calgary, World has built a strong reputation for developing and delivering high-quality inflatable products satisfying a multitude of needs from E&P operators and service companies across the globe – ranging from U.S. unconventional basins to complex international land and offshore environments. The transaction adds further strength to Rubicon’s portfolio of products in the Completions Solutions business segment, enabling the organization to offer high value inflatable packers, external casing packers and drill-stem testing technology to customers around the world. Rubicon will leverage its broad commercial footprint to deliver even more effective customer support, dramatically accelerating market penetration by World product lines.
“We are excited to welcome the World team to Rubicon and believe this transaction will significantly enhance our participation in the downhole completions market. Rubicon is well positioned to advance the reach of World’s product offering into new and under-represented geographies,” said Michael Reeves, President and Chief Executive Officer of Rubicon. “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’s product offering, high-quality manufacturing capabilities and passionate team have significant growth potential. Together, we have the ability to increase production, deliver rapid response to customer demands and ensure that our brand continues to set the standard for others to follow,” said Richard Rodriguez, Chief Production Officer of Rubicon. “The acquisition of World represents another important step in Rubicon’s path to delivering the most exciting oilfield products company in the industry.”
“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,” said Dennis Makar, Chief Executive Officer of World. “I am confident that together, we will flourish by becoming proud members of the Rubicon family.”