Private equity-backed oilfield services firm Tally Energy Services has acquired all assets of Gearcon and Gearcon Drilling Tools. The acquisition will expand Tally’s offerings to include downhole drilling motors and will strengthen the firm’s ability to optimize the directional drilling services offered to clients.
Gearcon Drilling Tools is an integrated design, manufacturing and service company specializing in development, production and rentals of downhole drilling motors and other downhole drilling equipment. “With its rigorous quality standards and motor designs focused on robustness, reliability and simplicity, Gearcon truly complements Tally’s growing portfolio,” Chris Dorros, CEO of Tally Energy Services, said. “Robert Roszak and his team have built an exceptional company, spearheading advancements in the development of drilling motors that offer superior performance in the field and effortlessness in the service bay.”
Added Mr Dorros, “The acquisition of Gearcon supports Tally’s ambitions to develop collaborative partnerships in directional drilling, completions, and artificial lift to support the development of the ever-evolving North American shale programs. As we strive to build out a broad drilling services business, enhancing the reliability and efficiency of the directional drilling process is an important step towards that goal.”
“I am proud of the work and innovation the Gearcon team has achieved thus far, and the partnership with Tally Energy provides access to capital for us to continue to pursue developing technologies,” said Mr Roszak, Founder and President of Gearcon, said. “Tally’s strategy to grow innovative businesses serving North American operators is exciting and we are thrilled to be a part of it. We are relocating the operations and introducing our equipment into Tally’s drilling operations with a deliberate and staged approach over the course of the year to ensure high levels of service quality and full knowledge transfer.”
Financial terms of the transaction were not disclosed.
Tally Energy Services has a buy and build strategy specializing in North American shale products and services.