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Houston drilling co. abandons drilling business

Houston Business Journal - Houston-based Integrated Drilling Equipment Inc. is switching its focus away from drilling and back to the electric and technology fields. The company will re-assume its former name of Integrated Electrical Control Systems, effective Sept. 21. Under the new name, the company will focus on providing power and control improvements to drilling rigs, rather than building the rigs themselves.

Houston-based Integrated Drilling Equipment Inc. is switching its focus and changing its name to Integrated Electrical Control Systems. Under the new name, the company will focus on providing power and control improvements to drilling rigs, rather than building the rigs themselves.

Jim Terry, CEO of Integrated Drilling Equipment Holdings Corp., said in a statement that the change in the company's business model was brought on by the ongoing oil slump.“The segment of our business that has proven its resiliency, even in this downturn, has been our power and controls business,” Terry said in a statement. “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."

As a part of the transition, the company will reduce its staff, though it did not disclose how many employees would be affected. Additionally, it will relocate its corporate sales office in The Woodlands to 4514 Brittmoore Road in Houston, where IEC Systems previously had facilities.

The former IDE Inc. went public in 2013 by merging with a special-purpose acquisition company, commonly known as a “blank-check company.”

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