Rival downhole tools secures five year collaborative supply agreement for drilling motors
Rival Downhole Tools (Rival), a portfolio company of EV Private Equity, has secured a five-year collaborative supply agreement for drilling motors for US Land from a major oilfield services provider. Rival will utilize its market-leading engineering and operational capabilities to support the customer's substantial and growing directional drilling business. Rival will also accelerate the growth of its operational footprint into multiple basins to optimize its proximity to drilling activity.
Highly regarded as a market leading engineering firm since 2002, Rival Downhole Tools recently transformed itself into a provider of innovative and highly-reliable downhole drilling motors, proprietary friction reduction tools, and engineering services. With the securing of this long-term agreement, Rival now manages one of the largest active drilling motor fleets in North America.
"The domestic motor market is exceedingly competitive and extremely transactional. This type of long-term commitment speaks to the value of the team we've built and the quality of our products and services," says Neil Fletcher, CEO, Rival. "The growth trajectory and stability this agreement affords Rival for years ahead is unprecedented. It will enable us to deliver significant value to all of our customers in US Land."