Rubicon Oilfield International acquired the assets, people and operating business of Calgary, Alberta-based World Oil Tools Inc. for an undisclosed amount, the company said June 12.
Established in 2000, World Oil Tools is a manufacturer and supplier of specialty inflatable products and technology consumed in downhole completions operations. The company footprint ranges from U.S. unconventional basins to complex international land and offshore environments, according to a company press release.
Rubicon said it expects the acquisition to strengthen its downhole completions solutions portfolio, enabling the Houston-based company to offer high-value inflatable packers, external casing packers and drillstem testing technology to customers around the world.
“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,” Michael Reeves, Rubicon's president and CEO, said in a statement.
Rubicon is supported by a line of equity investment from Warburg Pincus. The company has more than 400 employees working in 20 offices worldwide, according to Rubicon's website.