🇳🇴 Varel Energy Solutions acquires Ace Well Technology AS.

HOUSTON – January 6, 2025 – Varel Energy Solutions (“VES”) today announced it has acquired Ace Well Technology (“ACE”), an international leader in the supply of oilfield casing, cementing and completion products.

This transaction further strengthens VES’s robust portfolio of primary cementing equipment, many of which are uniquely patented technology, while expanding smart completions offerings supporting the offshore and premium market sectors.  This combination enables the organization to offer one of the industry’s leading sources of high-quality, value-driven solutions to its customers.

Backed by growth capital and poised to build a strong foundation for high-performance manufacturing solutions, VES and ACE will leverage their combined strengths of customer intimacy, operational footprint, and supply chain efficiency to deliver value and improved economics around the world even more effectively.

“Varel Energy Solutions is extremely honored to add the extraordinary people and impressive high-performance culture of Ace Well Technology to our organization,” said Derek Nixon, President & CEO of VES. “We exist to become the Industry’s Maker of consumable downhole products across the oil and gas and renewable energy sector.  We are excited to service our customers more broadly in the offshore and smart completions markets through the proven and credible offerings within the ACE portfolio.  Together, I believe we will create more customer value than ever before while bolstering the foundation for a long-standing, sustainable energy products manufacturing business.”

The acquisition of ACE incorporates best-in-class engineering, supply chain, technical customer support around the world.  Now combined with VES, the enterprise positions one of the industry’s strongest product portfolios designed to address the challenges of well installation and completions in increasingly complex and cost-sensitive environments.

Founded in 2012, ACE has built a reputation of high-value products with unrivaled customer service and technical support capabilities; with customers around the world depending on its broadly acclaimed casing accessories and completions product range. “I am very excited by the opportunities this transaction will create for the employees and customers of Ace Well Technologies,” said Stian Anke-Hansen, Chief Executive Officer of ACE. “Varel’s extremely strong global presence, commitment to customer service and robust balance sheet will create a platform for even faster growth of our products and people.”

“We are committed to being the leading value creator for consumable downhole products to the industry, period,” said Wit LeBlanc, VES’s Chief Financial Officer. “Today’s announcement represents another hugely important step toward this commitment, and we are very confident our partnership with the employees of ACE will result in significant shared success.”

Founded in 1947, Varel Energy Services is one of the world’s largest independent manufacturers and suppliers of downhole drilling and completions products to the energy sector. Headquartered in Kingwood, TX, VES services oil & gas, renewable energy, and industrial markets with its comprehensive suite of roller cone and fixed cutter drill bits, as well as a complete portfolio of primary cementing equipment and completions accessories. The company employs more than a 1,200 people and has manufacturing facilities in Matamoros, Mexico, Faridabad, India, and Dammam, Saudi Arabia as well as sales offices throughout the world. VES’s proprietary design capabilities, efficient manufacturing, and global sales force uniquely position the company to provide high-quality downhole solutions delivering reliable performance and a superior customer experience. For more information, visit www.varel.com.

Ace Well Technology was founded in 2012, based in Stavanger, Norway, with the mission of creating practical innovation for casing accessories, leading to the development of the Ace Ratchet Collar, the industry’s first 90,000 lb+ rated stop collar.  This product became the launch point for wider product development and a strong offering of high-quality, simple, high-performance tools.  Ace is committed to contributing to the energy transition and developing solutions that support markets such as Geothermal, CCS and alternative well construction markets. With teams located in both hemispheres, the company works across the world to develop and maintain strong and lasting customer relationships.  We pride ourselves on our ability to meet the challenges of our customers, operating flexibly to minimize lead times, maximize inventory management and operational efficiency.  For more information, visit https://www.acewelltechnology.com.