Greene's Energy Nabs New Oilfield Services Company
Greene’s Energy Group, LLC
|Monday, July 07, 2008
Greene’s Energy Group, LLC has signed a definitive agreement to acquire Devin Rental Tools, Inc. (Devin), an oilfield equipment rental and services company, headquartered in Lafayette, Louisiana. The transaction is expected to close within 30 days.
Devin is a leading provider of specialty support equipment for coil tubing drilling and snubbing operations, and offers a large inventory of equipment rental tools such as lift frames, elevator bails, crossover subs and safety valves. Devin is a primary rental source for tools with premium thread connections, and offers patented surface test trees and motion compensation equipment. In business since 1979, the company now has six locations in Louisiana and Texas. Devin will continue to operate under its own name.
Greene’s CEO, Bob Vilyus, stated that Devin will be operated as a new division of Greene’s and is looking forward to expanding their business, particularly in deep water markets. He also added that Devin’s reputation for unique engineered solutions for well completion and intervention equipment provides a new dimension to Greene’s drilling and production services and rental tools.
Jim Moncus, President of Devin, stated that he is very pleased to have Greene’s carry on the development of the Devin business, as it provides new market opportunities and growth potential for his company’s equipment and rental business.