Set up to capitalize on the increasing global demand for drilling equipment, Stable Services is aiming to become a market leader in the rental, manufacture and supply of drilling equipment and currently employs 100 people. The company has a confirmed order book amounting to £40 million and is forecast to reach a turnover of £50 million in the next 12 months.
Run by father and son Harry and Michael Ralph, Oilfield Drilling Services Inc. has eight employees and a client list that includes Schlumberger, Baker Hughes, Weatherford, Halliburton, MI Swaco and M&M Offshore.
"With this joint venture, we are now ideally poised to capitalise on the huge potential in East Coast Canada," says Rod Coffey, chief executive officer of Stable Holdings.
"Stable Services is now fully equipped to meet the rapidly growing demand for drilling equipment in Canada which has been further boosted by recent discoveries, invigorated offshore drilling activity and new projects being developed."
"This joint venture is the third in a series of announcements about our overseas operations. We have recently announced the launch of bases in Norway and Libya, in a bid to strengthen our operations so that we remain at the forefront of global supply and double our international business in the next two years."
Commenting on the joint venture, Harry Ralph, president of Oilfield Drilling Services says: "With our knowledge of the North American market and the work ethic of our dedicated, professional staff now combined with Stable's reputation and experience, we are able to take advantage of the many opportunities that future oil and gas exploration holds. Entering this venture opens doors to the international supply of quality materials available through Stable Services' world-wide outlets so we can better serve our valued customers' diversified needs."
Stable Services is a young rapidly growing business that has recently completed two transactions with a combined deal value of over £8 million. The company's acquisition of Rig Services has increased its rental capabilities.
Coffey adds: "To meet today's industry needs, we are significantly increasing the rental side of our business and the acquisition of Rig Services' robust rental business complements the services provided by Stable. We will now be well positioned to fully exploit the opportunities that a contracting supply market coupled with increasing global demand present."
Stable Services specialises in the rental, manufacture and supply of drilling equipment and currently employs 100 people. The company recently acquired Aberdeen-based Rig Services to significantly increase the rental side of its business and exploit the rapidly growing bottom hole assembly market.
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