Pennsylvania-headquartered Deep Well Services (DWS) reported revenues of $3.2 million in January, setting an all-time high for the company, and said its February YTD revenues were 32% higher than projected.
DWS noted the record-breaking growth in the first quarter of 2015 was made despite industry-wide concerns over commodity prices that have fallen substantially since last summer's peak. The company said its year-to-date earnings are 240% higher than its budget. The oilfield service company has seen revenues rise from $14.2 million for 2013 to more than $27 million for 2014. The company said it now employs more than 140 workers, and has launched aggressive plans to add more new equipment and personnel this year.
The company said it had invested in more standalone snub units and an additional service rig to make the region's high-pressure wells safer.
In January, DWS brought on an additional 285K standalone snubbing unit and a fourth service rig ─ one with a 112-foot, 265,000-pound mast ─ a sign of the company's overall growth. The "next generation" 285K unit is safer, faster and has a smaller footprint on a well pad, the company said. DWS also plans to add a 15K-250 standalone snubbing unit this year, and the expanded fleet is expected to increase the number of employees to a total of 190 by the end of 2015.
DWS attributed its success to innovative approaches that allow it to offer package deals to save customers time and money. That has proven critical as exploration and production companies search for services to improve safety and profitability.
DWS successfully completed eight jobs in February through a strategic alliance with Wellsite Rental Services.
"We are very busy, compared to competitors," DWS CEO Mark Marmo says. "Our people make the difference and have helped us maintain our success. We have the best crews and equipment in the industry."