Rubicon Oilfield International, an oilfield products and services company with operational headquarters in Texas, USA, has acquired Tercel Oilfield Products, known for delivering valuable drilling and completion technologies.

This transaction establishes Rubicon's global platform for delivery of well construction solutions. Backed by a significant capital commitment from Warburg Pincus, a leading global private equity firm, Rubicon will invest in the accelerated growth of Tercel product lines, enabling Tercel employees around the globe to deliver even greater value to their customers, said a press statement.

"We are extremely excited by the opportunities this transaction creates.  The combination of Tercel's highly talented employees and industry recognized technologies with Rubicon's financial strength will deliver compelling value to our customers around the world," said Mike Reeves, president and CEO of Rubicon. "The dedication, passion and urgency of our now-expanded Rubicon team will ensure we fulfil our commitment to deliver Practical Innovation in support of our clients as they explore and produce energy in ever more complex environments." 

Tercel's broad portfolio of downhole well construction products is widely acknowledged for innovative design yet simple and effective performance, enabling customers to achieve their drilling and completion goals with minimal risk and maximum efficiency, the press release added.

"We have worked to establish ourselves as the leader in torque and drag reduction in the construction of horizontal and extended reach wells. Our Practical Innovation approach to product development and service delivery is unmatched in the industry. We are very excited to join Rubicon. This will provide additional growth opportunities for Tercel's products and its employees," said Hossam Elbadawy, CEO of Tercel.

Tercel has its Middle East headquarters in Dubai. –TradeArabia News Service