Orange-based Varco International Inc. signed an agreement to acquire Houston-based Quality Tubing Inc., a manufacturer of coiled tubing used in drilling oil and gas wells, from the Beacon Group, New York, and Quality’s management.
The purchase price was not disclosed, and the transaction remains subject to regulatory approval.
Quality Tubing employs 115 at two Houston mills and at service centers in Aberdeen, Scotland, and Ojeda, Venezuela.
Varco manufacturers drilling equipment used in land and offshore operations. Its Hydra Rig division is a leading manufacturer of rigs and related equipment that uses coiled tubing to boost oil and gas production in existing wells, through such techniques as horizontal and re-entry drilling.
The technology is relatively new, said Varco CEO George Boyadjieff, adding that his company now is “exceptionally well-positioned” to benefit from its growing use by energy producers.
