Pioneer Drilling Co. of San Antonio, Texas, has acquired Maurice-based Go-Coil LLC—a privately held provider of coiled tubing for the oil and gas industry—for roughly $110 million in cash. The purchase helps boost Pioneer’s offerings in its production services division, says chief executive Stacy Locke. “After studying coiled tubing for the past couple of years, we believe this new service offering has expansion opportunities as well as cross-selling opportunities with our existing business,” Locke says in a statement released this morning. With five offices and 160 employees in Louisiana, Texas, Oklahoma and Pennsylvania, Go-Coil operates a fleet of 10 coiled-tubing units, seven of which are onshore units. The company performs well cleanouts, cementing, perforation and stimulation services, among others. Pioneer, which provides contract land-drilling services to oil and gas operators, in November reported it swung to a third-quarter profit with help from a 38% jump in revenue.
Texas drilling company buys La. oilfield services firm for $110M
Sign up for the free Daily Report email – local news about the people, companies and issues that impact business impact business in Baton Rouge and beyond.
