Coil Tubing Technology to Refit and Ramp-up Tool Production Facilities

Coil Tubing Technology has implemented a plan to significantly boost its tool manufacturing capabilities through the remainder of this year. The plan calls for a complete refit of its tool manufacturing facilities in Spring, TX, the installation of CNC machining units and a ramp-up of tool production throughput to 100% utilization.

"Our customers have come to expect high-quality tools, delivered and ready to get the job done on a just-in-time basis," stated Jerry Swinford, President of CTT. "By refitting and redesigning our facilities, along with the purchase of new manufacturing equipment, we can reduce tool manufacturing lead-time by as much as seventy-five percent, while continuing to maintain and even improve the high level of quality control customers have come to expect from CTT."

To ensure it can meet the volume and quality requirements of its customers, CTT has taken delivery of two (2) CNC Machines that will be installed into two new production lines at the Company's facility in Spring, TX. CTT is presently awaiting the installation of new powerline trunks to the facility, at which time construction of the manufacturing lines can be completed.

Once the construction on the facility is complete, which is expected within 90 days, the new manufacturing lines will be used primarily to increase the number of "Subterranean Rotating Devices," "Jet Propulsion Motors" and "Subterranean Energy Storing Devices" in the field. CTT anticipates the refitted facilities will provide the company with the capacity to produce 1000 new tools per year.