Unicorn buys US oil services firm
Manama, November 18, 2008
Unicorn Investment Bank has acquired Sun Well Service, a leading workover services provider to oil and gas exploration companies in the US.
The company is primarily involved in the repair and modification of oil wells located throughout the Williston Basin.
The growth equity investment in Sun Well will allow the company to continue to expand both operationally and geographically while maintaining its longstanding reputation for providing unparalleled skill and reliability in servicing its broad customer base, said a statement.
The financial details of the transaction were not provided.
Founded in 1981, Sun Well has developed extensive expertise in the drilling techniques, fracture stimulation and well optimization unique to the challenges of exploring the Bakken Formation. The company continues to capture significant local market share and currently owns 13 work-over rigs as well as related ancillary equipment. Sun Well also rents its equipment and provides plugging and abandonment services.
Marvin Kaiser, Sun Well’s sole proprietor for over 27 years, will retain a meaningful stake in the company and will continue to work with the current management team to oversee daily operations and manage the next phase of Sun Well’s growth, it said.
Commenting on the acquisition, Aamir Khan, managing director and head of global private equity at Unicorn, said: “Sun Well has earned an outstanding reputation in the industry not only for its workover effectiveness, but also for its ability to attract and retain the best operators, its commitment to worker safety and its investment in the most innovative equipment and processes. The company is planning on adding up to ten more rigs to its inventory over the next twelve months and is clearly on an upward growth trajectory. Unicorn is proud to have been involved in the recapitalization of Sun Well, and we are confident that the transaction presents significant cross-border opportunities. We look forward to working with the company’s highly experienced and successful management team to support the company’s future expansion.” – TradeArabia News Service