ITS Group continued its commitment to international expansion as part of an ongoing growth strategy.
The company has completed, for an undisclosed sum, the acquisition of specific business and assets from a Colombian oilfield service company. The business acquired provides tubular and downhole tool rental services, tubular and casing running services and inspection services. The equipment, together with two facilities and 29 employees will help accelerate the Group’s investment plans for Colombia as well as the wider region.
Jeff Corray, chief executive officer said, "The Colombian acquisition is a good example of our commitment to growth and fits nicely with our investment strategy for Central and South America – ensuring we have equipment and service capability where our customers want it and crucially, delivered with local expertise."
The company has also expressed confidence about future growth prospects following the release of its financial results for the year ended December 31, 2009.
Jeff Corray said, "Without doubt 2009 was a challenging year for the oil and gas industry. While the tough economic conditions impacted our trading performance, we have worked tremendously hard and continue to make strategic decisions entirely focused on positioning the company for the recovery.
"Whether this is through the recruitment of key personnel to bring more focus and value to relationships with our customers or the continued growth of our global infrastructure, we are developing a platform that will allow us to become a truly global oilfield service company."