AGREEMENT FOR DRILLING MOTORS
HOUSTON (Aug. 20, 2019) — Rival Downhole Tools (Rival), a portfolio company of EV Private Equity, has secured a five-year collaborative supply agreement for drilling motors for US Land from a major oilfield services provider. Rival will utilize its market-leading engineering and operational capabilities to support the customer’s substantial and growing directional drilling business. Rival will also accelerate the growth of its operational footprint into multiple basins to optimize its proximity to drilling activity.
Highly regarded as a market leading engineering firm since 2002, Rival Downhole Tools recently transformed itself into a provider of innovative and highly-reliable downhole drilling motors, proprietary friction reduction tools, and engineering services. With the securing of this long-term agreement, Rival now manages one of the largest active drilling motor fleets in North America.
“The domestic motor market is exceedingly competitive and extremely transactional. This type of long-term commitment speaks to the value of the team we’ve built and the quality of our products and services,” says Neil Fletcher, CEO, Rival. “The growth trajectory and stability this agreement affords Rival for years ahead is unprecedented. It will enable us to deliver significant value to all of our customers in US Land.”
About EV Private Equity
EV Private Equity is an independent growth equity firm applying its specialized expertise to build world-class companies and uncover new technologies in the oil and gas sector. Having raised five funds with committed capital in excess of $1 billion, EV leads with integrity and a collaborative spirit to help grow and sustain strong companies in the oil and gas sector. EV has locations in Stavanger, Norway; Houston, Texas; and Aberdeen, Scotland.
About Rival Downhole Tools
Rival Downhole Tools rents and services best-in-class drilling motors and tools to the upstream oil and gas industry. The company’s mission is to eliminate the most common failure modes in downhole tools through its strong engineering background and superior customer service and support. Rival has headquarters in Houston’s Energy Corridor and a strategic service center based in Midland, Texas.