Parker Drilling, subsidiaries launch integrated company as Parker Wellbore

Parker Wellbore – an integrated company comprised of Parker Drilling and its subsidiaries Quail Tools and iTS Energy Services – was launched on 28 September. The alignment of the three companies under Parker Wellbore’s new fully integrated global structure empowers the delivery of a comprehensive range of its global technology-enabled products and services, according to the company. This is expected to optimize performance and minimize risk to both traditional hydrocarbon and energy transition applications, including geothermal, well abandonment and carbon capture and storage (CCUS) sectors.

The company plans to expand into new markets, geographies and sectors to provide advanced subsurface wellbore construction solutions for modern transitioning energy markets.

“Parker Drilling internationally, Quail Tools in the US and iTS in Europe and the Middle East have been recognized for many years as leading brands in their respective fields among their customers – from drilling rigs and intervention services to downhole tool and equipment rental,” said Parker Wellbore CEO Sandy Esslemont. “But the time is right to consolidate our combined offering so that new and existing customers across the subsurface energy landscape fully benefit from the broad scale of our integrated capabilities in wellbore construction.”

Parker Wellbore, which currently operates in more than 20 countries, anticipates creating 500-700 new jobs.

In line with its growth, the company will deliver drilling operations and management services – already established in the Arctic, Sakhalin Island and Atlantic Canada – to new offshore locations, including the North Sea, the Gulf of Mexico and internationally, with well abandonment across mature basins, a key new focus. Parker Wellbore will also target geothermal opportunities in Indonesia and East Africa.

The company, with a multimillion dollar technology development budget, has a core technology and engineering services group focused on automation and the advancement of digital real-time operational data surveillance and analysis to reduce HSE risks and optimize operational and environmental performance.

“The energy transition is here,” Mr Esslemont said. “Parker Wellbore, through integrated proactive participation, sees this as an opportunity for growth. Parker Wellbore is ready to help solve the subsurface energy challenges of today and tomorrow, wherever and whatever they may be.”