TEAM Oil Tools acquires Chancellor Oil Tool

TEAM Oil Tools Inc.

TEAM Oil Tools Inc. has acquired Bakersfield, CA-based Chancellor Oil Tool Inc., a pioneer in the development and commercialization of liner hangers, cement heads and running tools for the oil and gas industry.

TEAM is focused on the manufacture, sale and service of downhole completion products. TEAM is funded by Intervale Capital, a private equity firm which invests exclusively in oilfield manufacturing and service companies.

Byron Cowart, TEAM’s CEO, will oversee the combined business. He has more than 30 years of oilfield service experience managing the liner hanger operations of Weatherford International, Key Energy Services and TIW Corp.

“I’m thrilled to partner with Chancellor and Intervale to build a best-in-class completions company,” Cowart commented. “Thomas and Mitch Townsend have assembled an outstanding team of liner hanger experts, and Chancellor is known as a stellar brand in the completions world.” 

Thomas Townsend, Chancellor’s president, commented, “The combination with TEAM makes perfect strategic sense, TEAM expands Chancellor’s reach through its 10 service centers across major U.S. oil and gas basins and will expand production capacity to accelerate Chancellor’s growth."

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...