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IDE Shutters Rig Yard To Focus On Power, Controls Business

E&PMag.com - Integrated Drilling Equipment Inc. has exited the rig construction business to focus on its core power and control solutions business, the company said in a news release.

Effective Sept. 21, the company will again operate under the name Integrated Electrical Control Systems (IEC Systems). The company will focus on providing automated control systems, variable frequency drives and hydraulic power/control solutions.

“It’s never pleasant to make the difficult decision to reduce workforce or depart a business that no longer supports long-term success,” Integrated Drilling Equipment Holdings Corp. CEO Jim Terry said in the release.  “But we believe this decision has the most integrity for us and those we serve.” The company’s power and controls business has proven its resiliency, even in this downturn, Terry said.

“The most astute drilling contractors realize they won’t be participants in the rebound if they don’t upgrade their drilling rigs with the power and control systems E&P companies demand to help them gain the efficiencies and increased safety that will be more important than ever when commodity prices begin to rise,” he added. The company also said it relocated its corporate sales office in The Woodlands to IEC Systems’ facility at 4514 Brittmoore Road in Houston. 

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