Drilling Tools International Inc, which is backed by Hicks Equity Partners, has acquired WellFence LLC. Financial terms weren’t announced. WellFence provides a security and credentialing service for the oil and gas industry.
DRILLING TOOLS INTERNATIONAL ACQUIRES WELLFENCE
Drilling Tools International is a portfolio company of Hicks Equity Partners
Houston, Texas, July 15, 2019 – Drilling Tools International, Inc. (DTI), a leading provider of rental tools, technology and services to the North American land and offshore drilling, completion and production markets, has acquired WellFence LLC (WellFence), a tech-enabled security and credentialing service offering for the oil and gas industry. DTI is majority-owned by Hicks Equity Partners, a Dallas-based family office investment group. Financial terms of the transaction were not disclosed.
WellFence provides patented Data Automation Systems and credentialed wellsite access services for drilling, completion and production locations. Using strategically positioned check point towers with 360-degree cameras, the WellFence system automates the verification of personnel entering and exiting the wellsite, thereby increasing the safety and integrity of critical locations.
The patented WellFence technology also incorporates easily accessible data to check man hours, credentials, authorized locations, available operator safety courses and more. The system is provided with 24/7 remote technical support teams that monitor activity and local field support specialists who can be dispatched to the site to support the field operational needs of customers.
Wayne Prejean, President and CEO of Drilling Tools International, said: “This is an exciting step in expanding DTI’s product and service offering to provide new and innovative technology to our customers. Most important, we expect WellFence to revolutionize how the industry manages access to locations where safety and security are paramount. This patented system and service will provide operators a comprehensive solution to safety management, narrowing the distance between remote field operations and centralized corporate functions.”
WellFence offers DTI customers the opportunity to significantly reduce costs and to improve safety and security when compared to traditional access management services. The true strength of the service, however, comes from the ability to record and access detailed information on visitors, time in and out of the site, and required credentials. In addition, the technology can be used to conduct muster point roll calls and identify non-essential personnel in case of evacuation.
“We are thrilled to become part of Drilling Tools International,” added Marc Haci, founder and CEO of WellFence. “DTI is a leading provider of oilfield services with an extensive network in North America and international locations. WellFence technology is actively being adopted by customers operating in various geographic locations, and we can now provide the service needed to deliver the enterprise solutions required by our clients to achieve their safety objectives no matter where they operate.”
For more information on WellFence, please visitwww.drillingtools.com or www.wellfence.com.
About Drilling Tools International
Drilling Tools International (DTI) provides a wide range of rental tools, technology, and services to the drilling, completion, and production segments of the oil and gas industry, serving operators, drilling contractors and oilfield services companies. Its offerings include bottom hole assemblies, wellbore specialty tools, tubular goods, and inspection services used in onshore and offshore horizontal and directional drilling. The company has expanded its product offerings into supplying the completions and production process with patented cased hole tools for friction reduction, specialty frac plugs for hydraulic fracturing, and innovative artificial lift solutions for rod lift production systems. Based in Houston, Texas, DTI has an extensive field sales and technical support team operating across North America through facility operating locations in Lafayette, Louisiana; Midland-Odessa, Texas; Oklahoma City, Oklahoma; Casper, Wyoming; Watford City, North Dakota; Charleroi, Pennsylvania; Bakersfield, California; Paradise, Newfoundland, Canada; and Edmonton, Alberta, Canada. For more information on DTI, please visit www.drillingtools.com.
About Hicks Equity Partners
Hicks Equity Partners is the private equity arm for Hicks Holdings LLC, a holding company for the Thomas O. Hicks family’s assets. With 40 years of private equity experience, Mr. Hicks pioneered the “buy and build” strategy of investing and founded Hicks Muse Tate & Furst, which raised more than $12 billion of private equity across six funds and completed over $50 billion of leveraged acquisitions. Hicks Equity Partners looks for established companies with proven track records, strong free cash flow characteristics, a strong competitive industry position and an experienced management team looking to partner with long-term capital.