Parker Wellbore acquires H&P’s tubular and casing running assets
Parker Wellbore and Helmerich & Payne (H&P) have entered into a strategic partnership agreement that aligns with both companies’ strategic plans in the US land tubular and casing running services (TRS) market. The agreement with H&P accelerates Parker’s TRS growth strategy in the US.
With the purchase of all of H&P’s TRS assets, this agreement allows Parker to be the sole preferred provider of tubular running services on H&P US land-based rigs. Additionally, it provides instant scale for the growth of Parker’s TRS business. Parker will now be able to conduct tubular and casing running operations in most of the key US land basins.
“We believe Parker Wellbore is uniquely suited to realize the best value from the acquisition of these assets. Aggregating the assets with Parker’s growing US tubular and casing running operations will position Parker Wellbore as a strong competitor in the US land market and one that is uniquely positioned to provide integrated TRS to H&P and its customers,” said Sandy Esslemont, President and CEO of Parker Wellbore.
Parker has already committed to developing differentiating technology in this segment with the introduction of the Top-Tek Super Compact Casing Running Tool (CRT) technology to help reduce risk and optimize performance in the casing running process.
This strategic partnership includes the onboarding of H&P’s key TRS personnel to Parker. This opportunity provides these employees, with specific expertise in TRS, the potential for accelerated career progression and development as the business grows in the coming years.
“We are pleased to work with Parker Wellbore on this transaction, which will allow us to focus our continuous improvement efforts on our core drilling and technology businesses. Parker Wellbore’s commitment to safety and plans to invest in proprietary technology in this space made them the ideal partner. Our previous TRS employees have joined Parker Wellbore and will continue to provide outstanding services to our customers,” said Mike Lennox, Senior VP – US Land Operations at H&P.
