Superior Drilling acquires Hard Rock Solutions for $12.5M Superior Drilling Products announced that it has acquired Hard Rock Solutions for $12.5M in conjunction with the closing of its initial public offering. The company acquired Hard Rock's patented Drill N Ream well bore technology; a unique reaming assembly technology which has been used in over 850 horizontal wells since 2011.
Superior Drilling expects 2015 revenue to be heavily weighted in 2H CEO Troy Meier commented, "The volatility with the price of oil and resultant uncertainties continue to reduce our visibility. The U.S. drill rig count is down over 50% in just a four month time frame. Our goal remains to grow revenue with the DNR by increasing our market penetration even within a reduced addressable market. Combined with revenue from our new products, we hope to offset the weakness in our organic business, which we expect will remain 50% to 60% below last year. If we can achieve this revenue goal, we believe we can achieve better than 20% EBITDA margin for the year. More importantly, we are proactively positioning our products with customers and prospects so that when they regain more confidence with market stabilization, we are able to rapidly deploy products and return to growth."