HOUSTON – February 19, 2020 – Reservoir Group announced the sale of its Mamba drilling turbine products, formally known as Cedar drilling turbines to STORMELO Investments Inc.
As part of the agreement, Reservoir Group has sold its turbine equipment and technology, and the related personnel have transferred to STORMELO Investments Inc. With this transaction, Reservoir Group has exited the turbine business to refocus the Company’s businesses aligned with its long-term strategy.
“We are pleased to have signed an agreement with STORMELO Investments Inc, a company that we believe will give Mamba turbines the best opportunity for future prosperity,” said Gene Minnich, CEO and President of Reservoir Group. “Our commitment to providing the highest standard of service to our customers remains a top priority, and we expect a smooth transition for all those involved.”
“We’re excited to include Mamba Turbines into our portfolio, as the proprietary technology will enhance drilling efficiencies, resulting in superior drilling performance,” said Bertrand de Lassus, President of STORMELO Investments Inc.
About Reservoir Group
Reservoir Group is a world-class niche oilfield services company that has been addressing customer challenges for more than 70 years. We partner with E&P operators and large service companies to provide tools and expertise for coring, drilling, surface logging, well intervention, and well monitoring. Reservoir Group is a global company headquartered in Houston with a presence across six continents.