Reservoir Group Brings New Coring Capability to Gulf of Mexico
05 May 2009
Rapidly-emerging downhole drilling products and services group, Reservoir Group, is bringing its coring capability to the Gulf of Mexico. The Group is using OTC as the opportunity to announce the launch of its coring service activities in the US offshore market.
Group companies – Aberdeen-based Corpro and Houston-based DOWDCO – are joining forces to provide advanced coring services which will result in higher returns on investment in coring for offshore operators.
With an office in Houston and 13,000 square feet of new warehousing facilities in Conroe, the Group is offering a comprehensive inventory of coring solutions operated by a local and international experienced team to service the Gulf of Mexico.
DOWDCO has been serving the North American offshore market since 1948 while Corpro's novel coring technologies have proven themselves as international industry leaders, with worldwide experience in the world's most challenging oil and gas offshore provinces including the North Sea, West Africa, Caspian, Middle East, Australasia and Brazil.
Business manager Wade McCutcheon will lead the Group development in the Gulf of Mexico. He says: “At present, there is one exclusive provider of coring services in the Gulf of Mexico with 100% market share. We believe the market will benefit from our alternative approach and innovative solutions which we have successfully used in other parts of the world.
“Together, Corpro and DOWDCO will offer alternative services that are highly specialised, focusing solely on formation evaluation through coring services. With novel technologies such as the Liquid Trapper and On Ice Half Moon, we offer cost effective superior quality reservoir sampling services that are proven to generate higher value core material to the core actual end users.
Backed by Houston-based private equity firm SCF Partners, Reservoir Group has acquired five businesses since it was established in 2007.
Pascal Bartette, Reservoir Group's chief executive officer, said: “Aligning the expertise and experience of Corpro and DOWDCO creates real natural and spontaneous synergies that benefit our clients. While Reservoir Group continues to grow and diversify its offering, our strategy remains unchanged - to build a “club” of specialist autonomous companies proposing unique solutions and focused services to the industry throughout our Group worldwide frame.
Reservoir Group is on track to secure its intention of becoming a global market leader in specialised downhole drilling products and services after unprecedented growth saw sales double revenues near the $100 million figure in the last 12 months.
“We are well positioned to meet our 2013 target of turning over $500million, through organic growth and further acquisitions of niche, independent market-leading companies to create an internationally-focused market leader,” adds Bartette.
The Group combines astute business deals with a concerted drive towards meeting the still-robust demand for innovative and reliable core sampling and related petrographic services, high quality oilfield data management and niche downhole products and services.