Fort Worth, Texas, Sept. 10, 2012 (GLOBE NEWSWIRE) -- FTS International (FTSI) has acquired Phoenix Well Services LLC, a wireline services provider, from a company controlled by Palm Ventures LLC, a Greenwich, Conn.-based family office investment firm.
Now a division of FTSI, FTSI Wireline specializes in high-pressure perforating, multiple-zone completions, conventional perforating and comprehensive cased-hole logging.
Adding wireline services follows FTSI's vertically integrated business model, providing more comprehensive well completion services, products and expertise for its customers.
FTSI Wireline will continue operating in its current service areas of Pennsylvania, Ohio, West Virginia and New York, with plans for expansion into other FTSI service areas. The wireline division currently has facilities in Burbank, Ohio, and Delmont, Pa.
Former Phoenix Operations Manager Dan Coffee is the new FTSI Vice President of Wireline. Prior to Phoenix, Mr. Coffee worked for Eastern Well Services, Schlumberger, Superior Well Services and Manx Energy.
Palm Ventures Founder Brad Palmer said, "Palm Ventures purchased the wireline business in 2011 and funded and supported its growth through the recruitment of management and a strong board of directors and by offering both our financial and operational expertise. We are pleased that this helped create one of the most well-respected wireline businesses in Pennsylvania and Ohio."
FTS International Chief Executive Officer Marc Rowland said, "We are pleased to add wireline to the varied services and products we offer our customers. Mr. Coffee is an excellent addition to our FTSI team. He is well-known and respected for his long-time career focus on the wireline business."
FTS International (www.ftsi.com) is a leading provider of well completion services for the oil and gas industry. Exploration and production companies use FTSI's products and services primarily to enhance their recovery rates from oil and gas wells. FTSI's vertical integration provides a competitive edge, as the company custom manufactures, assembles and produces many key components used in its operations, including high-pressure hydraulic pumps and mobile pressure pumping units. FTSI also owns and operates sand mines and processing facilities for producing proppants.
Palm Ventures (www.palmventures.com), based in Greenwich, Conn., was founded by Brad Palmer and is focused on investing Palmer family capital in companies which have a positive and transformative impact on society. Current industry focus is in education, health care, energy services, human resources, business services and financial services. Palm Ventures takes a strong value-added approach to the development of its portfolio companies, leveraging a broad network of strategic investors, retired executives and operating professionals who provide strategic advice and oversight to companies and management.