Headquartered in Oklahoma City, 665 Energy (SSOF), formerly Sixty Six Oilfield Services, has been a leading industry expert in the drilling equipment sector of the oil and gas industry for nearly six decades. The company’s sales and rental department provides solutions for domestic and international markets with core offerings that include a wide variety of customized drilling rigs and other select equipment.
665 Energy recently completed the acquisition of Fluid End Sales, doing business as Five Star Rig and Supply, which was established as a family owned business in 1984. The company’s focus continues to be on supplying the oil industry with custom drilling rigs, heavy-weight drill pipe, drill collars, pup joints, pony collars, handling tools, tubing, casing, blow-out preventers, engines, compressors and other select equipment to customers worldwide through its facilities in Oklahoma, Germany and Dubai. The company’s services include the sale of new equipment, sale of refurbished and certified used equipment, as well as rental of oilfield equipment.
Immediate expansion plans include partnering with a rig debt financing company to fund the $40 million purchase of 11 identified oil drilling rigs that have already been appraised. This action represents an incredible opportunity to jumpstart the next phase of growth and expansion.
Company president and CEO Jason Clayton, who started at Five Star in 1993, has worked in and managed all areas of the company including customer growth and sales. Clayton will also remain as president of the subsidiary, Five Star Rig and Supply, and is supported by longtime key staff members including Jimmy Joslin, who has been with Five Star Rig since 1984 and will be responsible for orders processing, inventory control, delivery, logistics and supervision of custom projects such as rig and rig equipment refurbishment, testing and certification. Jim Frazier will assume the role of CFO as the company prepares for further growth and expansion.
According to a research report by Statista, the world’s oil and gas equipment industry is projected to be worth nearly USD$205 billion by 2020 (http://nnw.fm/BzFl8), and as the energy sector continues strong growth in 2018, 665 Energy is well positioned to capitalize on the global trend and will continue to be aggressive in the marketplace.
- Custom drilling equipment and service provider to global oil and gas industry
- Recently acquired Five Star Rig and Supply, Inc., an Oklahoma-based drilling rig and supply parts company, in an all stock transaction
- The new unified company will have a 2017 combined revenue of $12.6 million with gross profits of $6.2 million, more than twice the size of the original company
- Expansion plans include moving into the oil drilling rig acquisition, refurbishment and resale business
- Global oil and gas equipment industry is projected to be worth nearly USD$205 billion by 2020