Varel Energy Solutions (“VES”) announced it has acquired Ace Well Technology (“ACE”), an international leader in the supply of oilfield casing, cementing and completion products.
This transaction further strengthens VES’s robust portfolio of primary cementing equipment, many of which are uniquely patented technology, while expanding smart completions offerings supporting the offshore and premium market sectors. This combination enables the organization to offer one of the industry’s leading sources of high-quality, value-driven solutions to its customers.
Backed by growth capital and poised to build a strong foundation for high-performance manufacturing solutions, VES and ACE will leverage their combined strengths of customer intimacy, operational footprint, and supply chain efficiency to deliver value and improved economics around the world even more effectively.
“Varel Energy Solutions is extremely honored to add the extraordinary people and impressive high-performance culture of Ace Well Technology to our organization,” said Derek Nixon, President & CEO of VES. “We exist to become the Industry’s Maker of consumable downhole products across the oil and gas and renewable energy sector. We are excited to service our customers more broadly in the offshore and smart completions markets through the proven and credible offerings within the ACE portfolio. Together, I believe we will create more customer value than ever before while bolstering the foundation for a long-standing, sustainable energy products manufacturing business.”
The acquisition of ACE incorporates best-in-class engineering, supply chain, technical customer support around the world. Now combined with VES, the enterprise positions one of the industry’s strongest product portfolios designed to address the challenges of well installation and completions in increasingly complex and cost-sensitive environments.
Founded in 2012, ACE has built a reputation of high-value products with unrivaled customer service and technical support capabilities; with customers around the world depending on its broadly acclaimed casing accessories and completions product range. “I am very excited by the opportunities this transaction will create for the employees and customers of Ace Well Technologies,” said Stian Anke-Hansen, Chief Executive Officer of ACE. “Varel’s extremely strong global presence, commitment to customer service and robust balance sheet will create a platform for even faster growth of our products and people.
“We are committed to being the leading value creator for consumable downhole products to the industry, period,” said Wit LeBlanc, VES’s Chief Financial Officer. “Today’s announcement represents another hugely important step toward this commitment, and we are very confident our partnership with the employees of ACE will result in significant shared success.”