Enventure Acquires OCTG Supplier
Enventure Global Technology has acquired Houston-based Triad Pipe & Steel Company, a leading supplier of specialty oil country tubular goods (OCTG) to the oil and gas industry, the companies announced Friday. Terms of the sale were not disclosed.
"Triad took the conventional business of supplying oilfield tubulars and created a unique value proposition for its customers by offering outsourced supply chain services," said Robert Hinkel, president and chief executive officer for Enventure. "This type of innovative thinking is how Enventure has advanced expandable tubular technology. Both companies' cultures and product offerings complement each other, making this a great fit for our growth strategy."
Enventure, which reliably delivers expandable tubular and drilling management solutions to operators worldwide, recognized an opportunity to provide an added element of service to its customers. Enventure customers will now be afforded the same quick access to specialty pipe Triad has provided its customers for more than 25 years.
Gene Jorgensen, Triad's president, said the acquisition will be mutually beneficial, while further enabling oil and gas companies to capture the most value out of their drilling and workover operations.
"Triad can now accelerate its growth beyond the Gulf of Mexico where we've been very successful. With access to Enventure's established domestic and international markets we will be better positioned to deliver more solutions to the customer," he said.
"Additionally, long-time Triad customers will benefit from the financial, technical and operating resources Enventure adds to the dedicated service Triad provides."
Stoneworth Financial provided advice to Enventure on this transaction.
Houston-based Enventure Global Technology, L.L.C., the world's leading provider of solid expandable tubular (SET®) solutions for the energy industry, is owned by Shell Technology Ventures and Halliburton Energy Services. Organized in 1998, the company has a global presence with operations in North America, the Middle East, Asia Pacific, South America, Europe and the Far East.
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