EST 2003
Premium Oilfield Technologies was started in 2003 with the initial goal of providing mud pump expendables directly to the drilling rigs in West and South Texas through consignment boxes and direct sales relationships with the rigs. The idea was that by fostering close, face-to-face working relationships with tool-pushers and rig-managers, we would be dealing directly with the users that cared about the quality and performance of our products. And, having that direct feedback on our products, we could design, build, and test our new products, and make the best tools in the industry.
Fast forward 21 years later, and Premium is now the #1 manufacturer and provider of mud pump systems and expendables in the US land drilling market. Every day we sell to more than 80% of the operating rigs in the US shale plays, where some of the harshest and most challenging drilling takes place. However, our footprint is no longer limited to the US. We now have operations and sales in Canada, Mexico, Dubai, Saudi Arabia, Kuwait and India.
THE PREMIUM JOURNEY
2015
Investing in Safety:
Sur-Lock® Quick Change Technologies
Sur-Lock® Quick Change Technologies
We developed the Premium proprietary product line called Sur-Lock® in 2015. With a focus on safety and enhanced performance, these products are designed to radically speed up the piston, valve/seat, and liner change process. They eliminate the need for sledgehammers, thus greatly increasing safety and are very easy to operate.
2017
Becoming a Portfolio Company
In 2017, we became a portfolio company of Quantum Energy Partners, which has further fueled the expansion of our product offerings and technological capabilities like our Sur-Lock® family of quick-change mud pump valve covers, rod-link systems, and liner retention systems.
We have extended our innovation into the mud/gate valve realm. In addition to making versions of industry standard valves, we have used our expertise in pressure control to make the drilling industry’s longest lasting 7500 psi mud valve, the Model NV. We are so confident in the NV’s long-lasting performance, we will refund a customer’s money if they try the valve and decide not to standardize on the valve.
2018
Adding the Trusted Patriot™ Brand
In 2018 we acquired Supreme Manufacturing, the maker of the harsh-service Patriot pistons and valves. Supreme/Patriot, based in Houston, has become the cornerstone of our expendables R&D effort. We pour our own urethane pistons, valves, RCD elements, pulsation dampener bladders, and several other mission-critical drilling products.
2018
RCD/MPD Dream Team with Cutter
Also in 2018, we acquired Cutter Drilling Systems, the largest rental company for RCDs in West Texas. We surrounded the Cutter team with a “Dream Team” of RCD and MPD engineers and programmers, all having years of experience with Schlumberger, Weatherford, Halliburton, Baker Hughes and several other established competitors in that field. That team has developed what is generally accepted to be the fastest, and most accurate, electric MPD choke on the market. The Premium Tru-Flow™ C1D1 choke/actuator has the only VFD that resides inside the choke actuator, so there is no need for a separate C1D1 enclosure and skid for the VFD, along with the cobweb of communication cables that usually accompany them.
Our Premium T3000 and T2000 RCDs both have remote clamping, so there is no need for rig hands to get into the danger zone in order to change a bearing or element. The bearings are all self-contained, with no need for external lubrication systems or cooling systems. The RCD elements themselves are made in-house in Houston, Texas, using our years of experience designing and testing mud pump pistons and valves. That technology has resulted in the longest lasting RCD elements in the business, with some elements making it through 100,000 ft. drilled before needing to be changed out.
Premium has also developed the industry’s only electrically-driven 6” and 8” orbit valves, both of which are capable of set-point pressure control. For wells where having an MPD choke is overkill, the eValve attaches directly to the RCD, and prevents water influx into the well. It is also capable of trapping pressure on pipe connections and holding backpressure, thus enabling lighter weight drilling mud.
Digitally Connected Oilfield: Tru-Flow
All of this equipment is controlled by our Tru-Flow software and touchscreen control panels. The system is so simple that most rigs decide that they are able to run it themselves, rather than pay for a fully-manned system. Although, Premium is also able to provide fully-manned systems for customers that have less experience with MPD and want to fully realize the cost savings and improved well-bore stability that are possible with MPD. The system is “cloud-connected” so any system can be monitored from anywhere in the world. For customers that want a hybrid service, we are able to monitor wells remotely, upload ramp schedules, and make adjustments to the MPD system from our headquarters in Houston.
As a result of this investment in new products, technology and people, we have quadrupled the size of our RCD/MPD business since 2019. We are getting close to 100 concurrently operating MPD systems in the US, and we are approaching 200 rigs running our RCDs. All of this in happening in the harshest drilling conditions of the US shale plays, where “normal” wells have 4-mile laterals; very high low gravity solids; high temperatures; lost circulation materials in the mud; and constant toggling between OBM and WBM.
2019
Acquisition of Global Drilling Support (GDS)
In 2019 we expanded into the top drive market through the acquisition of Global Drilling Support (GDS). GDS is the #1 top drive service company in the world that is capable of repairing and recertifying top drives from all of the major OEMs. With operations in Houston, Midland/Odessa, and Dubai, we can service top drives around the globe in a fraction of the time it takes for the original OEMs to do the work.
With all of this experience repairing and recertifying top drives that have been operating in the harshest environments in the world, Premium had a good handle on what features and capabilities were needed in the next generation of top drives. We designed and built the GDM family of top drives, designed to handle the high-torque requirements of the long-lateral wells being drilling in the US shale plays. Today there are close to 70 GDM top drives in operation around the world.
New Product Lauch: TR-110 Roughneck
Finally, with all of our experience working directly with rigs in the US shale plays, we developed our own high-torque iron roughneck, the TR-110. This new roughneck is designed to provide higher torques required by the new 5-1/2” and larger drill pipe, but fits in the smaller footprint of the older, earlier generation iron roughnecks.
2022
Well Service Product Line Expansion with Logan
In 2022, we acquired the Logan Power Swivel product line from Innovex, a leading provider of quality power swivels, parts, repair and support. This trusted product line which includes the PS85, PS120, and VTS100 power swivels enhanced our growing well service and completions product offerings, and provided the perfect fit with Premium’s legacy of experience and trusted product solutions. We will also be introducing our new VTS150 power swivel, arriving in late 2024.
2024
Looking Toward the Future
Looking forward, our current and future efforts are focused on developing enhancements through internet and digitization to the oilfield. Our new Marketplace app allows rigs to order, on demand, thousands of parts. The customer’s supply chain management team can select a supply vendor for each region from our list of fully-integrated supply partners. The supply partner provides the parts and delivery, but the customer/rig sees just one interface to place orders and view order history. Parts usage can be tracked per rig, per region, per part classification or by another other search criteria imaginable.
As 2024 unfolds, look for our new digital Pressure Relief Valve, bringing accuracies of +/- 5psi to the drilling PRV segment. We will also be introducing our new fully-electric well-control choke this year, thus enabling numerous kick-assistance and service capabilities that are not possible with a pure hydraulic drilling choke.
Contact Premium and let us show you what the digitally-connected oilfield looks like.
