Baker Hughes Acquires Canadian Artificial Lift Company
Tanroc acquisition expands Baker Hughes progressing cavity pumping system marketHOUSTON, TX - August 17, 2010 - Baker Hughes (NYSE: BHI) has acquired oilfield equipment and service supplier Tanroc, based in Lloydminster, Alberta, Canada. Tanroc primarily supplies progressing cavity pumping (PCP) systems and surface production equipment, including variable frequency drives for downhole pumping systems and wellhead drives. The acquisition complements Baker Hughes' LIFTEQTM line of PCP systems, and solidifies a service and repair footprint and direct distribution channel for Baker Hughes' PCP products in the Canadian market.
Since 2006, Tanroc has provided service, repair and distribution for PCP systems in Canada from its primary facility in Lloydminster and smaller service centers in Bonnyville and Wabasca, Alberta. Prior to its acquisition, Tanroc served as the Canadian distributor for Baker Hughes' LIFTEQ systems.
"Tanroc's staff brings to Baker Hughes not only extremely valuable expertise in PCP equipment, but also a proven business model," says Mike Davis, president of Baker Hughes in Canada. "Both will be important keys to better serving our PCP customers in Canada, as well as in other markets."
About Baker Hughes
Baker Hughes provides reservoir consulting, drilling, pressure pumping, formation evaluation, completion and production products and services to the worldwide oil and gas industry.
Posted: August 17, 2010