Company Reports - Integrated Drilling Equipment
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Integrated Drilling Equipment
Drilling rig manufacturer with a global footprint
Integrated Drilling Equipment, based in Spring, Texas, with 311 employees and annual revenue of $284 million, is a vertically integrated API certified drilling rig manufacturer with a global footprint. Over the past 30 years IDE has been established as a market leader by delivering high quality, customer driven products.
IDE offers a unique combination of resources, industry experience, and expertise. They provide a customer responsive one-stop-shop for high quality API Certified drilling rigs and rig related components. The Company also specializes in comprehensive mechanical rig services including: rig manufacturing, rig modifications and rig refurbishment.
“We offer an integrated package and customer customization with the components to build the rig from the crown to the ground,” says Richard Dodson, president and COO. “We have a world-wide customer base and operate in 55 countries throughout North America and South America, Middle East, Eurasia, and North Africa.”
The Company also fabricates mud tanks, sub-structures, masts, rig related structures, and offshore platform and jack up structures. The two other divisions of the Company are IEC Systems and the Hydraulics Group.
IEC is IDE’s full-service industry provider of drilling rig electrical components, rig power systems, and software automation products. Hydraulics Group provides engineered hydraulic rig solutions, specializing in hydraulic power units and related components for all rig functions.
In 2012 IDE expanded sales, operations, accounting, project management, manufacturing, rig-up and field services; and lean manufacturing was implemented. The Company is ISO 9001:2008 and API Q1 certified.
“We employ a strategy of continuous process evaluation improvement and documentation, we have adopted the principles of lean manufacturing in our organization, which helps us focus on the elimination of all non value added activities and waste in our production cycle,” Dodson says.
One of the first tools IDE implemented during the improvement process was incorporating software called Primavera Systems, which is a comprehensive integrated scheduling system that has the capability to keep and integrate schedules from all facets of the operation.
“But none of these improvements matter if your employees don't maintain a safe environment; safety remains at the top of our priority list and it always will,” Dodson says.
IDE is committed to providing a work environment that is free of known hazards for employees, visitors and contractors, while serving as a steward for the environment. They strive to continually improve health, safety, and environmental performance every year.
Steve Cope, the president and CEO, and Dodson are both former U.S. Marines who know how to improvise, adapt and overcome and do what you have to do to get the job done. That kind of thinking filters down throughout the Company.
The Company’s leadership uses its heritage of the Marine’s lessons of agility and forthrightness and their get-the-job-done mentality to keep expanding and improving the business.
“It is something we are proud of,” Dodson says. “When you ask somebody who you like to look out after your family, you’d likely pick the Marine Corps. We think the same thing about our customer base and employees – it's just something that never leaves you.”
The Company offers a competitive wage and benefit package and has a corporate culture that stresses innovation and customer satisfaction. They stress continuous improvement and being agile and flexible within their environment. In 2012 the company went public and is working on a new stock option plan to further enhance employees’ culture of ownership.
The recent acquisition of S&P Drives Automation Controls’ advanced technology is a key part of IDE’s growth strategy, enabling the Company to position itself in the forefront of rig automation
The Company is investing in rig automation and is working on several patents on their automation technology. They also have patents pending on their Sparta designed rigs and SEDS (Self Elevating Drilling Structure) rigs.
“We feel we will be one of the leaders in automation because we know land rigs as well as anybody,” Dodson says. Many companies provide instrumentation for visibility in the drilling process. At IDE we want to expand the process, eliminate costly human error, and increase drilling efficiencies through automation,” he says.
The Sparta Drilling System is a safe, highly efficient, fast moving rig designed for well programs where drilling time is minimal and fast efficient rig moves are essential. The Sparta is a safe, highly efficient, fast moving rig.
“When we developed this rig we wanted it to be safer than the current rigs on the market and wanted it to be able to rig up at ground level without the use of large cranes. We also wanted it to be compliant with all DOT regulations,” Dodson says.
The Sparta works well in the Marcellus Shale region where there are smaller, lower bridges to get over and under, sharper turn radiuses, and weight restrictions. The lightweight, mobile rig works well in that environment.
“It’s been very successful for us,” Dodson says.
IDE has performed just about every type of service imaginable on an oil rig over the years. The Company has the ability to fabricate, refurbish, upgrade, and design oil rigs. In addition, IDE offers API Category 4 Inspections along with numerous other services.
One of the Company’s best value added services is on site equipment installations. They offer field installation services for a wide variety of drilling related equipment. IDE is focused on supplying its customers with quality work, superior customer service and will do the job right.
The Company also offers a troubleshooting service. If there’s a problem, chances are they can solve it. Their troubleshooters have the experience required to diagnose the problem and recommend a solution whether it’s in substructures surveys and repairs, skidding and walking systems, or mast surveys and repairs.
“Sometimes service is not the most highest margin part of your business but if you let it go then you better have a lot of products because in our space – land rigs and platform rigs – when people have a rig down that's money to them,” Dodson says. “The only thing important to customers is having a technician or someone to solve their problems and we take a lot of pride in that and therefore a lot of the business we get for rigs is because of our reputation of our excellent service.”
The Company’s rig testing services are top notch as well with years of hands-on experience they can successfully perform rig up’s and drill ready procedures. IDE understands that time is of the essence and as a result, they offer prompt, reliable service that clients can count on.
“Great service means getting the customer's rig back up and running quickly. Some of these rigs are demanding $26,000 a day or $90,000 a day so when that rig is down it is costing customers a lot of money,” Dodson says.
The Company also offers on site rig field services for welding, fabrication, and rig up’s. When customers call IDE for rig field services they know that the work will be prompt, and performed correctly with quality craftsmanship and a guarantee of excellence.
IDE recently announced it has been awarded contracts by a Mexican petroleum company to deliver four state of the art modular offshore platform rig packages
“We are extremely excited about the award of these contracts,” said Cope. “IDE looks forward to using these contracts as a platform for future growth of our products and services, as well as serving the land and offshore drilling market in Mexico.”
Delivery of the first unit is scheduled in the third quarter 2014, with the additional units to be delivered by December 2014. Deployment of the drilling packages will be key steps toward the development of the Tekel, Ayastil, Xux and Tsimin fields in the Bay of Campeche.
“Mexico is in the crosshairs of our target for future growth on land and offshore platforms,” says Dodson. “We will continue to grow in Mexico as well as other areas of South America, plus we see more expansion in the Middle East and Eurasia and Europe and Russia.”
The Company plans to expand into the offshore shelf with platform rigs. Also their rig refurbishment business is going to grow as customers need to upgrade existing fleets in an effort to become more efficient in their drilling operations.
In 2009 IDE was a $69 million company and by 2012 they grew to a $284 million company. Within three to five years – especially with the type of projects having longer range visibility they are pursuing now –the Company projects it will be at the $1 billion level.
“What differentiates us is our service,” Dodson says. “We feel we are much more responsive and able to react to a customer’s needs than the big guys. You will never see us step back from our motto of Pride, Passion and Purpose when it comes to service. It is a long standing part of our history and DNA.”