Boots & Coots Snaps Up John Wright Co.
Boots & Coots has purchased John Wright Company (JWC) for approximately $10 million in a combination of cash and subordinated debt. Based in Houston, JWC provides a suite of relief well drilling and risk management services to the oil and gas industry worldwide. Boots & Coots will integrate the company's proprietary technology into its Safeguard program, which is currently its fastest growing segment.
"I developed a deep respect for John's skills and the talent of his employees that dates back to the 80s when we first worked together in the North Sea," said Jerry Winchester, president and chief executive officer. "This is a strategic investment in that the technology and experience we're acquiring will enhance our Safeguard service offerings, endorse our leadership position in risk management and give us a competitive edge for growth."
John Wright, president and founder of JWC, has accepted the position of senior vice president of technology for Boots & Coots. Technology acquired includes proprietary processes, software and expertise designed to assist operators, drilling contractors, and integrated service companies to define and manage their well control risks in a systematic way. JWC has defined management criterions which together make up an integrated 'Well Control Management System.'
"Technology keeps advancing in this industry, and the companies that can stay ahead of the learning curve will be the market leaders," commented Wright. "We believe our combined assets will keep Boots & Coots on the leading edge when it comes to designing risk management products."
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