HOUSTON--(BUSINESS WIRE)--TMK IPSCO, the U.S. subsidiary of global pipe manufacturer TMK, today announced the transfer of its oil country tubular goods (OCTG) fishing tools, accessories and field services assets to another TMK subsidiary - OFS International LLC (OFSi). OFSi was established to provide tubular and oilfield services and previously announced the acquisition of the pipe services and precision manufacturing assets of ITS Tubular Services (Holdings) Limited, Aberdeen, Scotland.
These transferred businesses will operate as Oilfield Services & Technologies LLC (OFS&T), a new subsidiary of OFSi. OFS&T has been formed to focus on production of fishing tools, accessories and downhole equipment and to be a platform to expand into additional rig services.
A total of 63 employees from TMK IPSCO’s field service organization and from its Odessa, Texas and Brookfield, Ohio plants are transferring to OFS&T. One of TMK IPSCO’s facilities in Odessa and certain assets at Brookfield are also being transferred to OFS&T.
“These changes are designed to better serve our customers,” said Konstantin Semerikov, President and CEO of OFSi. “By bringing production and service capabilities together at our customers’ well pads, we will deliver responsive, professional support to their operations. We remain committed to expanding our product and service offerings for oilfield services companies and distributors, and helping TMK grow its services sector.”
TMK (LSE: TMKS) is a leading global manufacturer and supplier of steel pipe for the oil and gas industry, operating 28 production sites in the United States, Russia, Canada, Romania, Oman, UAE and Kazakhstan. TMK also has two R&D centers, in Russia and the U.S. In 2013, TMK’s pipe shipments totaled 4.29 million metric tons. The largest share of TMK’s sales is high margin oil country tubular goods (OCTG), shipped to customers in over 80 countries. TMK delivers its products along with an extensive package of services in heat treating, protective coating, premium connection threading, warehousing and pipe repair.
TMK’s securities are listed on the London Stock Exchange, the OTCQX International Premier trading platform in the U.S. and on Russia’s major stock exchange – MICEX-RTS.