Tuboscope Vetco International Secures $11 Million Contract with British Petroleum Exploration Company

Tuboscope Vetco International Inc., a leading supplier of coating and inspection services to the petroleum industry, has announced a significant three-year contract with British Petroleum Exploration Company (Colombia) Ltd. Under the terms of the contract, worth $11 million, Tuboscope Vetco International will provide tubular inspection, third-party inspection, and thread inspection services to the company from a new office in Bogota and three field locations. This contract marks a crucial entry point for the company into the South American market, which is considered one of the few emerging oil field service markets in the world.

Key Takeaways:

• Tuboscope Vetco International has signed a three-year, $11 million contract with British Petroleum Exploration Company (Colombia) Ltd. for tubular inspection, third-party inspection, and thread inspection services.
• The contract will be handled from a new office in Bogota and three field locations, allowing the company to service other oil companies and drilling contractors in Colombia.
• The contract is a strategic entry point for Tuboscope Vetco International into the South American market, which is an emerging oil field service market.
• Tuboscope Vetco International is the world's leading supplier of coating and inspection services to the petroleum industry, with operations in over 54 countries.
• The company generated $192.2 million in sales in 1994 and is traded on the Nasdaq National Market System under the symbol "TUBO."

Statistics:

• $11 million: The value of the three-year contract with British Petroleum Exploration Company (Colombia) Ltd.
• 3 years: The duration of the contract.
• 54 countries: The number of countries where Tuboscope Vetco International operates.
• $192.2 million: The sales generated by Tuboscope Vetco International in 1994.
• 1994: The year in which Tuboscope Vetco International generated $192.2 million in sales.

Sources:

• PRNewswire, "Tuboscope Vetco International Signs Three-Year Contract with British Petroleum Exploration Company (Colombia) Ltd."
• Tuboscope Vetco International Inc. press release, dated October 11, 1995.