Aberdeen firm sold in £82m US deal

US firm Parker Drilling Company has acquired Aberdeen-based International Tubular Services and Affliates from the administrator of parent group ITS Tubular Services (Holdings) in a $125 million (£82m) deal.

The acquisition, following PwC’s appointment as administrator, will see 1,000 ITS employees become part of the wider Texas-based group. ITS works from 22 facilities around the world and primarily rents drilling equipment.

Bruce Cartwright, joint administrator and head of business recovery services at PwC in Scotland, said: “The last few months have seen an intensive period of activity as we worked with the board of ITS to explore the options available to them. After much deliberating, the directors took the decision for the group parent company to enter into administration with the aim of implementing the sale of the business as a going concern.

“The sale means that the business now forms part of a truly global player with the financial capability to invest in its future growth, a move that will positively impact the trading subsidiaries, their employees, customers and suppliers that Parker Drilling has acquired.”

Gary Rich, president and chief executive of Parker Drilling Company, said: “ITS is one of the industry’s leading independent international rental tools and well service companies with a broad footprint and a strong portfolio of products and service capabilities.

“This acquisition increases our geographic and product line diversity and enhances our ability to deliver innovative, reliable and efficient results to our customers.”