Grifco International Acquires Coil Tubing Technology Holding, Inc.

Grifco International has acquired Coil Tubing Technology Holding, Inc. Coil Tubing Technology Holding (CTT) has specialized in the design of proprietary tools for the coil tubing industry since 1990, concentrating on four categories of coil tubing applications: thru tubing fishing, thru tubing work over, pipeline clean out, and coil tubing drilling. CTT was founded in 1998 by Jerry Swinford, an oilfield tool designer with more than fifteen patents granted or pending and more than 25 years experience in the creation of oilfield tools.

Product Line

The Thru Tubing Fishing tools of CTT include a Rotating Tool (mechanically induced rotation) used to rotate tools attached below it. The rotating tool provides rotational alignment that reduces or eliminates the need to work the tool, thus reducing pipe stress and fatigue. The "Heavyhitter" is used to maximize acceleration to a jarring device either in the up or down stroke. The "Amplidyne" tool is an energy storing device used in conjunction with the Heavyhitter. Stored energy is released instantaneously, accelerating the velocity of the string above the jarring mechanism, intensifying the impact on a fish in the hole.

CTT developed a jetting tool to clean down hole well bores, a market estimated to exceed $100 million per year. The CTT tool is capable of removing barium, calcium carbonate, calcium sulfate, cement, coke tar, filter cake and iron sulfides from the bores of oil wells. During the process of developing and improving the jetting tool, CTT made an important discovery: the "Jet Motor."

The CTT Jet Motor design was crafted without the use of elastomers, making it unique among down hole motors on the market today. The tool is short, a distinct advantage in thru tubing operations. Additionally, most competitor motors have a temperature range which affect operation; the Jet Motor is unaffected by the heat associated with down hole operations. The worldwide thru tubing motor industry exceeds $500 million annually.

The major concerns of the conventional motors on the market place, heat and length, are eliminated with the new CTT Jet Motor. Grico International estimates the addition of the CTT product line will increase revenue in the first year by as much as $20 million.