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Steel Service acquires Louisiana-based Benoit Machine

HOUSTON, TEXAS  – Ron Pederson, CEO and President of Steel Service Oilfield Tubular, a Tulsa, Okla.-based OCTG distributor, announced, along with JFE Steel and Kanematsu Japan, the joint acquisition of Benoit Machine of Houma, La.  Ron Pederson has been named CEO and President of newly formed Benoit Premium Threading, which has been and will remain Steel Service’s exclusive supplier of premium threading. Louisiana-based Benoit provides premium threading services for oilfield products and a full line of downhole accessories. Benoit Two-Step (BTS), a proprietary, premium connection that eliminates high connection stress and minimizes galling through a two-step parallel design, has been used by major oil companies in more than 50 countries for over 30 years.

“This acquisition enables us to greatly expand our threading capacity and product line, which in turn allows us to better serve our existing customers and markets,” said Pederson. “It also allows us to leverage our shareholders’ global networks in our pursuit of more international opportunities.”

Steel Service, through this acquisition, will now maintain a total supply chain for the manufacture, threading and distribution of oilfield tubing and downhole accessories, thereby meeting diversified needs in the oil and gas industry and capturing growing demand for oilfield tubing going forward.

Founded in 1979, Steel Service maintains more than 9 million ft of threaded and plain-end tubing available on the ground and ready to ship. As the exclusive distributor for Benoit Machine for the past 30 years, the company oversees a threading schedule in excess of 1 million ft of threaded tubing per month. This large inventory promises speed and efficiency for Steel Service’s customers, while also providing them with protection against volatile market trends. The ability to purchase premium tubing and downhole accessories on an as-needed basis helps oil producers control costs and quickly seize new opportunities. The acquisition will better equip Steel Service to respond to the robust demand for oilfield tubing that has been the result of continued development of shale oil and shale gas, as well as deepwater production in the Gulf of Mexico.

11/02/2012

 

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