Tag Archives : oil bits


World Oil October 2016

Featured in the October issue of World Oil magazine, Ulterra discusses PDC bits for RSS applications.

To extract the full potential of different RSS types, operators have sought out drill bit manufacturers, to provide designs tailored to specific parameters and BHAs. Ulterra has utilized its proprietary technology to develop CounterForce™ PDC bits, designed specifically to reduce lateral vibrations, a leading cause of downhole tool failure.

PDF_download_Icon World Oil October 2016


Ulterra has Achieved 1 Year with No Recordable Incidents

With continued initiatives Ulterra, once again, is excited to announce another safety milestone! September 19th, 2016 marked one year since our last OSHA recordable.

This milestone was made possible by all of our employees making safety a priority in their everyday routine. John Clunan, CEO, states that “This would not and could not have been achieved without everyone’s ownership in the culture of safety that we have been working on over the years, as well as the drive to make Ulterra the safest place to work.”

While our safety performance has continued to make us a viable company in difficult industry times, the ultimate goal is that every single employee goes home safe at the end of the day to their family and friends. This achievement would not have been accomplished had we not had total commitment from everyone. With 100% dedication to our safety program, Ulterra looks forward to reaching even more of our safety goals in the very near future.

“Congratulations to every Ulterra employee who recognizes the importance of safe work and contributes to make it happen” says Danny Graham, Director of HSSE & Training.

Not only is safety improvement crucial to the health and wellbeing of our employees, it also shows the industry that we take pride in every detail of our company. While this is a great accomplishment to take pride in, the Ulterra team is already working toward another year with no recordables.


Leading PDC Drill Bit Company Partners with American Securities

Read the press release sent on behalf of Ulterra here.

Leading PDC Drill Bit Company Partners with American Securities

Fort Worth, TX, July 18, 2016

Ulterra Drilling Technologies, L.P. (“Ulterra” or the “Company”) today announced that its management team has partnered with American Securities LLC, a leading U.S. private equity firm to acquire the Company from ESCO Corporation.  Ulterra is a leading manufacturer of polycrystalline diamond compact (“PDC”) drill bits for the oil and gas industry.  Financial terms of the transaction were not disclosed.

Headquartered in Fort Worth, Texas, Ulterra designs and manufactures polycrystalline diamond compact drill bits used in the construction of oil and gas wells.  In spite of the once-in-a-generation downturn in the energy sector over the last 18-24 months, Ulterra has succeeded in growing market share.  Ulterra has continually been among the fastest growing companies in drill bits, and is now the second largest PDC company in the U.S., surpassing competitors that have led the industry for over 100 years.

Ulterra President and Chief Executive Officer John Clunan stated, “We have built our success on empowering great people dedicated to customer satisfaction.”  He continued that this transition comes at an attractive time with respect to the market.  “The market is starting to show signs that the worst is behind us, and we are finally seeing some stable increases in rig count.  We are focused on delivering continued growth, and this transition will provide us the financial support and resources to aggressively accelerate our growth into a strengthening market.”

“Ulterra is another example of our backing talented and hardworking management teams that have developed differentiated products,” commented Kevin Penn, a Managing Director of American Securities.  “We have been impressed with the strong corporate culture at Ulterra and look forward to partnering with John and his colleagues to leverage their market-leading technology to further expand the business.”

About Ulterra

Ulterra is a leading provider of premium PDC drill bits and downhole tools for the oil and gas industry. Its strength resides in the experience and wisdom obtained from industry veterans, designing high-quality, high-performance PDC bits for global markets. Its localized focus enables Ulterra to respond quickly to customer’s specific applications with the newest technology on the market.
www.ulterra.com

About American Securities

American Securities is a leading U.S. private equity firm with approximately $15 billion under management.  Based in New York with an office in Shanghai, American Securities invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion and/or $50 million to $200 million of EBITDA.

www.american-securities.com

Contact Information

For Ulterra, please contact:

Info@Ulterra.com

 

For American Securities, please contact:

Caroline Harris-Gibson

Prosek Partners

212-279-3115 x222

cgibson@prosek.com

Read more about the acquisition from American Securities here.