Probe Holdings, Inc. Announces the acquisition of Isle Tools Ltd. of Aberdeen Scotland
FORT WORTH, TX, February 3rd, 2014 – Probe Holdings, Inc. has acquired Isle Tools Ltd of Aberdeen, Scotland in an undisclosed cash and equity transaction. This oilfield technology based acquisition is part of a strategic plan to create a world-class technical engineering and manufacturing group that can provide downhole tools and surface acquisition systems to the global oilfield service sector. David Coppe, Probe’s CEO commented “The Isle acquisition significantly strengthens our capabilities in electro-mechanical intervention, completion and drilling tools. The Isle team consists of a highly talented team [of four engineers and one highly experienced business manager] who will add a new suite of intelligent electro-mechanical intervention tools to the Probe portfolio; the first of which will be a next-generation, non-pyrotechnic plug setting tool (patent-pending) which is due for commercialisation in 2014.&rdquo Andy Elrick, Isle’s Managing Director stated ”Joining the Probe platform allows us to rapidly accelerate our engineering efforts and bring our next-generation technology to market significantly faster than could have been achieved had we stayed independent.&rdquo Iain Macleod, Isle’s Technical Director added “This is a fantastic opportunity to join a well-established company with a proven track record of engineering excellence in Aberdeen and around the globe.&rdquo Probe’s strategy revolves around developing fit-for-purpose technical tools and systems while providing customers with exemplary customer support. Probe’s Technical Centers are responsible for delivering technical tools and support systems and its Geo-Centers are responsible for front line customer support, training, repair & maintenance of tools as well as providing and maintaining a rental fleet of tools appropriate for that particular market.