Calgary – Privately held MANTL Canada Inc., a manufacturer and service provider of progressing cavity pump (PCP) systems, announced on Feb. 25 has entered into a contractual agreement for the purchase of all assets currently held by Rapid Rod Service Ltd., a privately held oilfield service company providing conventional rod and coiled rod service and maintenance. The agreement includes rig equipment, shop locations and other various assets.
According to its website, Rapid Rod has locations in Carlyle and Weyburn in Saskatchewan, as well as Alberta locations in Brooks, Calgary, Drayton Valley, Nisku, Peace River, Red Deer, Taber and Wabasca. It started operations in 2008. The company’s website said it had built an extensive fleet of equipment, providing conventional rod and coiled rod service and maintenance to meet the well-site production needs of its customers.
MANTL Canada Inc. plans to immediately amalgamate the two entities and continue service operations without interruption including retaining the Rapid Rod Service Ltd. staff of approximately 40 employees. The deal will increase MANTL’s Canadian footprint in the artificial lift segment and exploit opportunities to combine the services of both entities under a common roofline in specific markets to streamline operating costs and remain competitive in a down-trodden oil & gas industry, the company said in a release.
MANTL president, Matthew Kenna, believes the two entities are a perfect compliment to each other and will further MANTL’s growth.
Justin Clingman, co-founder of Rapid Rod, will head up the new-to-MANTL division.
“I’ve known Justin for many years and we share a lot of the same values and strategies in regards to business. The cultures of the two companies will meld nicely,” said Kenna. The deal is scheduled to be completed mid-March.