The leading oilfield services company Nine Energy Service has reportedly announced to have concluded the acquisition of Magnum Oil Tools International Limited. As per trusted sources, Magnum would provide a robust and first-mover advantage to Nine Energy Service in the dissolvable frac plug market.
For the record, Magnum Oil Tools International Limited is a market-leading downhole technology provider catering to the global oil and gas industry for more than 10 years. The company has a wide range of products including composite frac and dissolvable plugs and proprietary downhole completions equipment, as well as a broad offering of other patented consumables. It has an impressive track record of successful product penetration in dissolvable frac plug market.
Sources privy to the development claim that the addition of Magnum to the portfolio of Nine would assist operators in reducing risk and cycle times as completions continue to turn more complex with mega-well pads, more stages, and longer laterals. Moreover, the new acquisition establishes Nine as one of the foremost providers of completion-focused technology combined with excellence in both conveyance capability and service execution.
President and Chief Executive Officer of Nine Energy Service, Ann G. Fox was reportedly quoted stating that the acquisition would allow the company to create a more balanced profile of completion tools with the help of Magnum’s capabilities. In addition to this, the takeover would add a new oil field service platform that offers better service to customers and boosts the growth of Nine Energy Service, Fox further added.
Founder and Chief Executive Officer of Mangum Oil Tools International, Lynn Frazier reportedly stated that the firm is delighted to join industry leader Nine Energy Service which has high standards and culture similar to Magnum. The company anticipates working jointly with Nine Energy Service to provide the best quality services and products to customers while contributing toward the development of Nine Energy Service in the upcoming years.
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