Nine Energy Service Acquires Frac Technology
Acquisition adds BreakThru™ Casing Flotation Device that lowers drilling and completion costs to Nine’s portfolio.
HOUSTON (November 13, 2018) - Nine Energy Service, Inc. (NYSE: NINE), a leading oilfield services company specializing in completion and production solutions for long, complex wells, announced that it has acquired Frac Technology, a Norwegian company that delivers new solutions for unconventional oil and gas wells. With the acquisition, Nine adds the BreakThru™ Casing Flotation Device to its technology portfolio. The device provides a durable and cost-efficient method for floating casing to bottom in long lateral wells and eliminates the need for a debris trap, allowing operators to save money and access more of the lateral. The device’s innovative design utilizes a premium European plug that breaks into pieces that are easily circulated out of the well, resulting in increased EUR and lower drilling and completion costs. Nine has run over 70 trials with the device with no failures.
“We are excited to officially announce the acquisition of Frac Technology,” said Ann G. Fox, President and CEO, Nine Energy Service. “Frac Technology has deep expertise in completions and is working on the next generation of tools throughout the wellbore. We believe by combining Nine, Magnum and Frac Technology’s R&D teams with the knowledge and execution abilities of our service teams in the field, Nine will truly be able to bring unparalleled value and offerings to customers.”
Following the acquisition by Nine, the Frac Technology team will remain in Norway and will be managed by Nine’s Chief Technology Officer, Clair Holley, working in conjunction with the company’s R&D teams to continue to work on tool development.
“Frac Technology is honored to join Nine and looks forward to bringing its expertise to Nine’s customers,” said Viggo Brandsdal, Frac Technology Founder and President. “We are focused on the reliability and assurance of our technology and dedicated to the growth and adoption of our tools moving forward.”
“This device is unlike anything else available to operators today,” said Nick Pottmeyer, Vice President of Completion Tools, Nine Energy Service. “Being able to reach deeper into the pay zone while eliminating the need for a debris trap offers huge advantages in terms of cost, safety and efficiency.”
Nine Energy Service is an oilfield services company that offers completion and production solutions within North America and abroad. The Company brings years of experience with a deep commitment to serving clients with smarter, customized solutions and world-class resources that drive efficiencies. Serving the global oil and gas industry, Nine continues to differentiate itself through superior service quality, wellsite execution and cutting-edge technology. Nine is headquartered in Houston, Texas with operating facilities in the Permian, Eagle Ford, SCOOP/STACK, Niobrara, Barnett, Bakken, Marcellus, Utica and throughout Canada.