Downhole tool service company Turnco LLC has acquired Drill Spec Services, which Turnco said will double its capabilities in oil country tubular goods (OCTG), according to an April 9 press release. Financial details of the transaction were not disclosed.
The integration of Drill Spec’s assets will significantly expand Turnco’s service offerings, especially in the West and South Texas regions, enabling the company to cater to the evolving needs of its expanding customer base, according to the press release.
Turnco said the strategic acquisition will foster “unprecedented growth and enhanced service delivery” for its customers.
“This is a transformative moment for Turnco and our customers,” said Lonnie Smith, president and co-founder of Turnco. “By doubling our OCTG capabilities, we are not just expanding our service offerings; we are elevating them. This acquisition enables our West Texas and South Texas business units to deliver even more exceptional service and support to our growing customer base. It is a testament to our commitment to excellence and our vision for the future.”
Anthony Cooper, who served as Drill Spec Services’ president, will retain a role within Turnco, providing advice and assisting with business development.
With this acquisition, Turnco LLC reaffirms its dedication to providing solutions and support to the oil and gas industry, driving innovation, efficiency and growth, the company said.
Recommended Reading
Comstock, Aethon’s 17 Western Haynesville Wildcats Make 112 Bcf to Date
2024-08-01 - Comstock Resources and Aethon Energy each added one well to Texas state production data on the new western Haynesville play, dubbed ‘The Waynesville.’ The oldest has surfaced 2.1 Bcf per 1,000 lateral ft to date.
Beetaloo Juice: US Shale Explores Down Under
2024-06-28 - Tamboran Resources has put together the largest shale-gas leasehold in Australia’s Beetaloo Basin, with plans for a 1.5+ Bcf/d play. Behind its move now to manufacturing mode are American geologists and E&P-builders, a longtime Australian wildcatter, a U.S. shale-rig operator and a U.S. shale pressure-pumper.
Industry Consolidation Reshapes List of Top 100 Private Producers in the Lower 48
2024-06-24 - Public-private M&A brings new players to top slots in private operators list.
Private Equity Looks for Minerals Exit
2024-07-26 - Private equity firms have become adroit at finding the best mineral and royalties acreage; the trick is to get public markets to pay more attention.
Crackin’ It at Kraken: Inside the Bakken’s Ramped-up Private E&P
2024-07-24 - Kayne Anderson-backed Kraken Resources is producing more than 80,000 boe/d today and has a new Fitch Ratings credit score to take to the M&A bank.