Basin Announces the Acquisition of Driltools International

NEW YORK, November 17, 2014 - Basin Holdings, a global energy and industrial holding company, announced the acquisition of Driltools International. Driltools will operate through Basin Supply, a division of Basin Holdings that provides oilfield equipment supply and distribution to the global energy industry..

Driltools was founded in 1995 and provides oilfield supply services to customers in the Middle East, Asia, and Africa. The company is headquarted in Dubai, UAE and was previously owned by Tercel Oilfield Products, a manufacturer of drilling and well construction products.

Driltools will be led by Marc Allenby, the head of Basin Supply MENA. Mr. Allenby commented, "Basin Supply has a history of providing leading supply services to customers in MENA. Driltools will enhance our footprint in the region through their longstanding reputation of customer service and established vendor relationships.”

Ayman Khattab, President of Basin Supply, added, “Driltools provides Basin Supply with highly qualified employees and a stronger presence in MENA through new customer accounts and local procurement expertise. We are excited to continue building our international footprint through this new partnership.”

About Basin Holdings

Basin Holdings is a privately held industrial holding company focused on providing market leading products and services to energy companies around the world. Our talented, experienced managers oversee a global platform that offers supply chain management services, oilfield services and specialty equipment manufacturing. We are focused on long-term economic value creation and community impact. We apply an entrepreneurial mindset to everything we do. Find us at www.basinholdings.com.