Saudi Vice Oil Minister Sees Price Surge After Cutbacks

  • Almost 5 million barrels a day of projects put off, cancelled
  • Energy companies seen cutting 3-8% in investments next year

The scale of the global oil and gas industry’s spending cuts are making another surge in energy prices possible by diminishing future supply, Saudi Vice Minister of Petroleum & Mineral Resources Prince Abdulaziz bin Salman said.

Read entire article here: Saudi Vice Oil Minister Sees Price Surge After Cutbacks

Big Red Engineering makes strategic moves for future growth

Big Red Engineering, LLC a global supplier of Well Serving Equipment located in Fort Worth, Texas announced their recent relocation into a 37,500 square foot facility with 10 ton overhead cranes. This expansion demonstrates Big Red’s commitment to grow the business in light of the recent downturn in the oil and gas industry. This latest investment will increase manufacturing floor space by 350% and doubled the warehouse and inventory capabilities.

According to the President and CEO of Big Red Engineering “Is a growing custom-build manufacturer of a full line of well completion, stimulation, and intervention equipment.” Big Red’s expertise is in domestic and international application for coiled tubing units and injectors, nitrogen pumping units, twin pumping units, fracturing units, snubbing units and other well servicing equipment.

“Our recent growth is a reflection of our innovation and commitment to customer service in the Well Servicing Equipment Industry,” said Nick Ferguson General Operations Manager for Big Red Engineering.

Additionally, Big Red completed assessment by WCS Quality Registrars, LLC for ISO 9001:2008 Certification and Registration by United Kingdom Accreditation Service (UKAS) is the sole national accreditation body recognized by the British government. An organization accredited by UKAS can demonstrate competence, impartiality and reliability in its ability to deliver results. Accreditation therefore supports safety regulations, and assures the quality of products. “This announcement is another indicator that this is an exciting time in Big Red Engineering’s history,” said Mr. Diya.

“Big Red Engineering is a premier oil and gas equipment manufacturer that provides our global customer base with best-in-class well servicing equipment,” said Mr. Diya. He continued, “I see a bright horizon for Big Red Engineering because of our highly skilled and motivated workforce.”

Big Red Announces Acquisition of Southwest Oilfield – Fort Worth, TX

Big Red Engineering Announces Acquisition of Southwest Oilfield Product’s Well Servicing Equipment Division – Fort Worth, TX

Houston, TX – August 5, 2014

Big Red Engineering, LLC today announced it has purchased significant portions of Southwest’s Well Servicing Equipment Division effective July 31, 2014.

Terms of the transaction were not disclosed.

“We look forward to bringing Southwest’s greatest assets, its people and their know-how, into the well servicing equipment market in a unique way focusing on consistent and efficient production of a full line of well completion, stimulation, and intervention equipment such as frac pumpers, coil tubing, nitrogen, and snubbing units,” said the Chief Executive Officer of Big Red Engineering, LLC. He continued, “Big Red will be competitive not only in quality, but in the delivery of custom built units across the globe.”

“We are very pleased to announce the divestiture of our Well Servicing Equipment Division and are excited to see this business being taken over by a dynamic company such as Big Red Engineering. We wish them good fortune going forward,” said Paul DeWeese, Chief Executive Officer Southwest Oilfield Products.

Read the Press Release Here »