Go-Coil has been acquired by Pioneer Drilling for around $110 million in cash payment. Coiled tubing services are offered by GO-Coil to production and exploration firms in the United States offshore and onshore oil and gas markets.
Ten coiled tubing units including three offshore and seven onshore units and other associated equipment are operated by Go-Coil. The company operated all the 10 units from 2009 to 2011. Initially, six onshore units out of seven are operated by means of a 2" coil with large diameter. Coil with 1.25" to 1.50" diameter are utilized in the remaining four units.
Present operations are situated in Oklahoma, Louisiana, both onshore and offshore, Pennsylvania and South Texas. The production services division of Pioneer will include the coiled tubing business results. The seasoned management group of Go-Coil has more than 70 years of experience in the combined coiled tubing units.
Wm. Stacy Locke, Pioneer’s CEO, stated that the company is delighted to include the coiled tubing business in its Production Services division and will allow it to improve its service offerings. Go-Coil’s coiled tubing units along with the experience management team will help Pioneer’s strategy to offer high-quality equipment and excellent service to the clients, Locke said.
Locke further added that the company has been studying the coiled tubing services for the past two years and has considered that this new service offering has cross-selling and growth opportunities.
Source: http://www.pioneerdrlg.com/