Vetco

VetcoGray
Private limited company by shares
Industry Oil and Gas Equipment, Services
Founded 2004
Headquarters London, UK
Key people
 Peter Goode (Group CEO & CEO Vetco Gray), R. Rasmus Sunde (CEO Vetco Aibel), Bobby smith (Executive Chairman),Alexander Pendez (product manager), Alex Bakhshov (General Counsel)
Products Upstream Production Facilities, Maintenance & Modifications, Facility Management, Process Systems & Products, Surface Wellhead Systems, Surface Capital Systems, Subsea Drilling Systems, Subsea Production Systems
Number of employees
 11,000 (2006)
Parent GE Infrastructure Oil & Gas
Website http://site.ge-energy.com/businesses/ge_oilandgas/en/our_brands/vetcogray.htm

Vetco was established in July 2004 and operated through its subsidiaries Vetco Gray and Vetco Aibel AS. Vetco was the result of a consortium consisting of the private equity firms Candover, 3i and JP Morgan Partners taking over ABB's oil and gas division; ABB Offshore Systems. Vetco was made out of companies that have serviced the upstream oil and gas industry since 1903. These companies are suppliers of products, systems and services for onshore and offshore drilling and production, project management, engineering, procurement and construction services, process systems and equipment, maintenance, modification and operations. Vetco was headquartered in London UK, and employed over 10000 people in more than 30 countries world wide.

Operations

Aibel

Aibel is a provider of project management, engineering, procurement and construction services, including EPC projects, process systems and equipment, maintenance, modification and operations to the upstream oil and gas industry. Aibel employs more than 7,000 people in 17 countries. Vetco Aibel is along with Aker Kværner one of the largest companies operating in the North Sea, and Aibel's HQ is at Billingstad, Norway.

VetcoGray

On Jul 30, 2008 in Egypt's Gulf Of Suez, the company converting an exploration well to full production, converting a mudline exploration system to an SG-1 wellhead subsea system for production duty. The newly converted well entered service in April of that year.[1]

Based in Cairo, Egypt, Agiba Petroleum Company, a joint venture company between the Egyptian General Petroleum Corporation (EGPC) and ENI, produces approximately 50,000 barrels of oil per day. ENI, an Italian multi-national oil and gas company, has operated in Egypt since 1959.

History

VetcoGray

VetcoGray is a combination of a number of companies including Regan Offshore, Ventura Tool Company, Gray Tool Company.

The Ventura Tool Company was formed in 1930 by Carl and Fritz Huntzinger,.[2][3] Fritz Huntsinger purchased the existing Schwab-Lane Tool Company on Ventura Avenue in Ventura, California and changes its name to the Ventura Tool Company. The company repaired pumps and other machinery in the oilfield; it grew slowly through the Depression, but by 1937 had 50 employees and had become well established on the Avenue. Ventura Tool improved upon the existing Boroscope, an instrument used for inspecting cannon barrels. Huntsinger had a light added to the tip, and the instrument, which used a wide angle lens to relay images back to its operator, could be used for locating defects in petroleum pipes. This innovation revolutionized the inspection of petroleum pipes for defects. Ventura Tool gradually added new techniques for use in these inspections, and the company grew further. It acquired the Master Thread Company, Pressure Weld, Inc. and Tube Upset Corporation. The company specialized in pipe repair and began to develop a high speed drill in the 1940s.41 It also began manufacturing tools for the Air Force. The company would eventually change its emphasis and reincorporate as Vetco Offshore Industries, Inc. in the late 1950s.

Vetco was sold in the 1980s to Houston-based Combustion Engineering (C-E) and moved away from its original base in the Ventura Oil Field. Vetco Gray was then acquired by Hughes Tool in 1986 for $270mm.[4] Unfortunately for Hughes Tool, the acquisition occurred just as oil prices were collapsing and Baker Hughes, the successor to Hughes Tool disposed of 70.1% of Vetco Gray to Bain Capital funds for just $3.8mm.[5] Bain Capital sold Vetco Gray to ABB in 1991.[6] Between 1991 and 2001 VetcoGray completes acquisitions in Canada, Mexico, Argentina and the UK. In 2004 he ABB Vetco Gray oil and gas business was acquired by a consortium[6] consisting of the private equity firms Candover, 3i and JP Morgan Partners. In February 2007 GE Oil & Gas acquired the company. David Tucker appointed as Chief Operating Officer for VetcoGray.[6]

Vetco Aibel

Track record

FPSOs

Vetco Aibel

Topsides

Products

See also

References

  1. ↑ http://www.geoilandgas.com/businesses/ge_oilandgas/en/about/press/en/2008_press/073008.htm
  2. ↑ "CALIFORNIA - Ventura County - Miscellaneous Obituaries - 56". genealogybuff.com.
  3. ↑ http://www.cityofventura.net/files/file/UpdatedSurveyReport_October2011.pdf
  4. ↑ "Hughes Tool to Acquire Drilling Unit". New York Times (New York). July 31, 1986. Retrieved 2015-08-20.
  5. ↑ "Deutsche Alex Brown Special Opportunities Funds Investing in Funds Managed by Bain Capital". 2000. p. 16.
  6. 1 2 3 "GE Oil & Gas Celebrates 30th Anniversary of its Montrose Facility". July 6, 2012. The group was acquired by ABB in 1991 and became ABB Vetco Gray. The ABB Vetco Gray oil and gas business was acquired by a private equity syndicate in 2004 and it became Vetco International. GE acquired the business in February 2007

External links

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