Wellsite Rental Services Receives Growth Equity Investment; Adds Rental Tubing Inventory
LAFAYETTE, Louisiana – Wellsite Rental Services, LLC (Wellsite), a comprehensive rental equipment provider for the drilling and production sectors of the oil and gas industry, has added rental tubing and associated handling tools to its portfolio as a result of an equity investment from NGP Energy Technology Partners (NGP ETP), announced Kirby Arceneaux, Wellsite chairman.
The initial inventory of internally coated rental tubing will consist of commonly used PH-6 inventory and will expand to include premium threaded connections. The product line will be supported by Wellsite’s extensive industry experience and comprehensive quality control measures.
“Our goal is to grow our product offering while continuing to provide our customers with the highest quality service in the industry, said Arceneaux, “and we look forward to partnering with NGP ETP to enhance our first-class customer service, personnel and equipment. NGP ETP’s capital and its experience partnering with growing oilfield service companies will help Wellsite expand its footprint and product offering while responding quickly to its customers and delivering the best solutions.”
Michael LeBourgeois, managing director of NGP ETP, said, “We are very excited about our partnership with the Wellsite management team. By combining the industry expertise of the Wellsite team with the resources and experience of the NGP ETP platform, we anticipate significant long-term growth potential and look forward to working side-by-side with the team to expand the business.”
Phil Deutch, managing partner of NGP ETP, added, “NGP ETP was formed with the belief that a core focus of energy technology investing is deploying capital in innovative and compelling products and services targeting the oil and gas industry. We believe Wellsite is a prime example of this strategy.”
About Wellsite Rental Services, LLC
Wellsite Rental Services is a comprehensive rental equipment provider for the drilling and production sectors of the oil and gas industry. The company provides rental tubing & associated handling tools, specialty trailers, cooling and heating trailers, variable bore rams and additional rental equipment. The company provides cost-effective solutions for its customers throughout North America. For more information, visit www.wellsiterentalservices.com.
About NGP Energy Technology Partners
NGP Energy Technology Partners (“NGP ETP”) is a private equity firm that invests in companies that provide products and services to the oil and gas, power, environmental, energy efficiency and alternative energy sectors. Founded in 2005, NGP ETP manages approximately $500 million in committed capital and is led by professionals that have extensive experience investing across the energy industry. NGP ETP partners with experienced management teams executing on compelling strategic plans and works with them to drive significant value creation.
NGP ETP is affiliated with NGP Energy Capital Management (“NGP ECM”), a premier investment franchise in the natural resources industry, which together with its affiliates has managed approximately $13 billion in committed capital since 1988. NGP ECM’s investment platform includes Natural Gas Partners, NGP Global Agribusiness Partners, NGP Capital Resources Company (NASDAQ: NGPC) and NGP Energy Technology Partners. NGP ETP is headquartered in Washington, DC and has an office in New Orleans, LA. www.ngpetp.com