Creates the Largest Family Owned and Operated Fishing & Rental Tool Company in the U.S. Oil and Gas Service Market
FRISCO, Texas, Jan. 3, 2020 /PRNewswire/ -- Graco Fishing & Rental Tools, Inc. (dba Graco Oilfield Services), a leading provider of oilfield services for over 40 years, today announced it has acquired all fishing, rental tool and related assets of Gravity Oilfield Services' Fishing & Rental Division, further increasing its ability to deliver safe and reliable service to the oil and gas industry. With the acquisition, the Gravity Fishing & Rental Tool employees will be joining the Graco family.
The asset-base acquisition will substantially increase Graco's offering in the Permian Basin as well as add a new presence to the Southeastern U.S. via the Tuscaloosa Basin of Mississippi. With the addition of four operating bases, one support base, and approximately 80 personnel, Graco will substantially increase its service footprint to existing customers while allowing the building of new customer relationships. Graco's current geographic service area will be strongly complemented with minimal overlap by the addition of the Gravity service points. The following Gravity fishing & rental locations will be a part of the transaction: Laurel, MS, Midland, TX, Snyder, TX, Hobbs, NM, and a support base in Odessa, TX. Financial terms of the transaction are not being disclosed. PPHB Energy Investment Banking advised Gravity on the transaction.
Jon Rambo, Graco President, stated, "I'm excited to acquire such a formidable competitor and look forward to building upon the legacies of our two companies. The joining of these two companies will not only bring the skill and extensive fishing and rental knowledge to the forefront for all of our customers but will also provide additional market access to one of the most prolific oil and gas basins in the US."
Graco Oilfield Services is recognized as one of the largest privately held fishing and rental tool companies operating in the U.S. Providing a full range of well remediation services to major and independent oil and natural gas companies for over 40 years, Graco's markets are predominately focused on drilling, completion and production services, which include rental tools, fishing services, pressure pumping, workover expertise, blowout preventers, circulation services, completion drillouts, machine shop services, and tubular rental and repair services. More information is available at www.gracosvcs.com.
Gravity is a growth-oriented provider of energy infrastructure services to U.S. onshore oil and natural gas exploration and production companies, providing water midstream solutions, critical power generation offerings, and other production-focused services. Gravity has significant coverage density in the Permian Basin and benefits from a national footprint supported by facilities, operations, and management personnel in several other key domestic resource plays, including the Bakken, Eagle Ford, SCOOP/STACK, D.J. Basin, Haynesville, and Marcellus, among others. More information is available at www.gvty.com.
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SOURCE Graco Oilfield Services