- Custom
drilling equipment and service provider to global oil and gas industry
- Recently
acquired Five Star Rig and Supply, Inc., an Oklahoma-based drilling rig
and supply parts company, in an all stock transaction
- The
new unified company will have a 2017 combined revenue of $12.6 million
with gross profits of $6.2 million, more than twice the size of the
original company
- Expansion
plans include moving into the oil drilling rig acquisition, refurbishment
and resale business
- Global
oil and gas equipment industry is projected to be worth nearly USD$205
billion by 2020
Headquartered in Oklahoma City, 665 Energy (OTC: SSOF),
formerly Sixty Six Oilfield Services, has been a leading industry expert in the
drilling equipment sector of the oil and gas industry for nearly six decades.
The company’s sales and rental department provides solutions for domestic and
international markets with core offerings that include a wide variety of customized
drilling rigs and other select equipment.
665 Energy recently completed the acquisition of Fluid End
Sales, doing business as Five Star Rig and Supply, which was established as a
family owned business in 1984. The company’s focus continues to be on supplying
the oil industry with custom drilling rigs, heavy-weight drill pipe, drill
collars, pup joints, pony collars, handling tools, tubing, casing, blow-out
preventers, engines, compressors and other select equipment to customers
worldwide through its facilities in Oklahoma, Germany and Dubai. The company’s
services include the sale of new equipment, sale of refurbished and certified
used equipment, as well as rental of oilfield equipment.
Immediate expansion plans include partnering with a rig debt
financing company to fund the $40 million purchase of 11 identified oil
drilling rigs that have already been appraised. This action represents an
incredible opportunity to jumpstart the next phase of growth and expansion.
Company president and CEO Jason Clayton, who started at Five
Star in 1993, has worked in and managed all areas of the company including
customer growth and sales. Clayton will also remain as president of the
subsidiary, Five Star Rig and Supply, and is supported by longtime key staff
members including Jimmy Joslin, who has been with Five Star Rig since 1984 and
will be responsible for orders processing, inventory control, delivery,
logistics and supervision of custom projects such as rig and rig equipment
refurbishment, testing and certification. Jim Frazier will assume the role of
CFO as the company prepares for further growth and expansion.
According to a research report by Statista, the world’s oil
and gas equipment industry is projected to be worth nearly USD$205 billion by
2020 (http://ibn.fm/KniJn),
and as the energy sector continues strong growth in 2018, 665 Energy is well
positioned to capitalize on the global trend and will continue to be aggressive
in the marketplace.
For more information, visit the company’s website at www.SixtySixOilfield.com
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www.QualityStocks.com
480.374.1336 Office
Editor@QualityStocks.com
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