Ashmin, founded in 2003 by Doc Gunther, a respected engineer of downhole drilling tools, announced the completion of an investment of $15,000,000 from EV Private Equity into Ashmin and its sister company Workover Solutions. The funds will be primarily used to accelerate broad commercialization of Ashmin’s proprietary downhole tools including drilling motors and friction reduction tools; and to continue the rapid growth of Workover Solution in providing thru-tubing services for well completion and intervention.
“Ashmin has a solid track-record of developing premium, reliable drilling and well intervention/completion tools,” said Neil Fletcher, who was recently appointed as Ashmin’s CEO. “The investment by EV Private Equity allows us to strengthen the management team and build a rental fleet of our proprietary drilling motors and friction reduction tools to satisfy current customer demand for high performance downhole tools.”
“We believe that backed by its engineering strength, Ashmin is well positioned in a growing market, and we are proud to partner with the current owners and management,” said Espen Strøm, Investment Director with EV Private Equity.
Workover Solutions has grown rapidly in the Northeast since inception in 2015, and the capital from EV Private Equity will allow the company to increase its footprint in NAM.
“We are very excited to receive funding from EV Private Equity, and we are looking forward to the next phase of Ashmin,” said Doc Gunther, Founder of Ashmin.
About Ashmin and Workover Solutions
Ashmin is a recognized leader in product engineering and has delivered unique solutions to the industry for close to 15 years. Ashmin has a strong product portfolio and several novel technologies under development. Workover Solutions has established strong relationships with numerous clients in the Northeast delivering prompt and reliable workover and completion services. Ashmin is headquartered in Conroe, Texas.