Oilfield manufacturing company Team Oil Tools LP announced its acquisition of Permian oil packer Odessa Packer Services Inc. Thrusday. OPS provides downhole tool service throughout the Basin, which fits within Team’s focus of design, manufacture, sale and service of completion components.
Team is assisted by Intervale Capital, an oilfield manufacturing and services private equity firm.
OPS isn’t Team’s only recent Permian acquisition; the company acquired Schlehuber Oil Tools in October 2014 to broaden its presence within the Basin.
“We are very pleased to welcome Odessa’s employees to the Team family,” said Team CEO Adam Anderson, who will oversee the combined business. “The Permian basin is the largest oilfield market in the world and we feel fortunate to be able to expand our presence there with the addition of Odessa.”
OPS President Steve Hughes and Vice President of Operations Leonard Neatherlin will maintain their management of operations and work loosely with Team management in Midland, Denver City and Levelland.
“We’re very excited to join Team as an important part of the company’s Permian Basin presence,” the duo stated in a press release. “It has been a pleasure getting to know Team management and Intervale. We look forward to working together to better serve our customers in the Permian by providing them a more comprehensive completions product suite.”