Wellsite Rental Services LLC, a Broussard-based oilfield rental equipment firm, used an equity investment from NPG Energy Technology Partners to add rental tubing and associated handling tools to its portfolio.
Wellsite Chairman Kirby Arceneaux said he could not disclose the amount of money involved or the equity NPG received in exchange for it. Wellsite and NPG announced the deal in late May.
The initial inventory of internally coated rental tubing will consist of commonly used PH-6 inventory and will expand to include premium threaded connections.
Wellsite also has facilities in Tulsa, Oklahoma, and Victoria, Texas. The company provides rental tubing and the associated handling tools; specialty trailers; cooling and heating trailers; and other equipment designed to reduce drilling and well-completion costs.
NPG Energy Technology Partners manages about $500 million in capital. The private equity firm has offices in Washington, D.C., and New Orleans. NPG typically invests $5 million to $30 million for a minority interest in a company.