LOS ANGELES--(BUSINESS WIRE)-- Georgetown Corporation (GTCP) is primarily a holding company involved in the oilfields equipment business through its subsidiaries. The company is a supply-side vendor to major oilfield companies engaged in exploration and development of oil and gas properties. Currently, Georgetown is servicing the contracts that it has won in the United States. The company is aiming for bigger objectives though as it looks to grow organically, through acquisitions and simultaneously enlarge its geographic footprint.
Since June this year, the company has been on a roll. A new wholly-owned subsidiary, Synergy Oil Tool & Supply LLC, was established to provide oilfield equipment to both independent and major oilfield companies. The orders started flowing in almost immediately. Initially, the subsidiary completed a substantial amount of orders for oilfield products. Around the same time, Gary Haub was appointed President of Synergy Oil Tool and Supply. Click here to read more on this story. Mr. Haub is a highly respected entrepreneur who has been in the oil and gas industry for more than 25 years. Under Mr. Haub’s leadership Synergy notched up additional large orders for oilfield equipment.
This early success was a shot in the arm for Georgetown. The company entered the global oilfields service industry with the establishment of Synergy Services USA, another wholly-owned subsidiary.
"With the addition of Synergy Services USA, we are moving closer to our goal of creating a company with a vertical integration strategy which will result in overall operational efficiencies, and provide additional services to our existing clients," said Carl Swan, CEO of Georgetown Corporation, about Synergy Services.
Synergy Services would provide services to oil and gas producers in North America and the Gulf of Mexico related to the ongoing servicing of producing wells and new drilling activity. Read more on it here.
The subsidiary model works well for Georgetown. It allows the company to leverage its financial resources and management expertise across domains, thus ensuring growth and profitability in varied but connected areas. Georgetown’s role has been to optimize the subsidiaries’ benefit from economies of scale through consolidation of administrative functions and to provide a central leadership consisting of acknowledged experts in various domains.
A company is only as good as its personnel. Georgetown recognizes this and has been putting together various management teams which contribute significantly to the development and expansion of each business' operations. This creative mentor-type relationship between Georgetown and its subsidiaries is reinforced further by Georgetown's extensive participation in each subsidiary's board of directors.
Recent expansion has led to some high profile appointments. James Guy Tucker came in as the Chairman of Georgetown. Mr. Tucker has been a serial entrepreneur for 25 years with a multitude of successful companies under his name in the United States and Asia. Mr. Tucker is an active democrat and most notably, was the Governor of Arkansas from December 1992 to January 1995.
The Board of Directors too was strengthened with the induction of Happy Wells. Happy Wells comes in with strong managerial experience. He is the CEO/Director of Operations of Private Jets Inc. The company provides charters to businesses and individuals in multiple cities. He is also the managing member of Security Jets LLC. Mr. Wells has also served on the board of many private and public companies, some of which operated in the oil and gas sector.
Also, Mr. Carl Swan, the CEO of the company, has joined the Board of Directors. He has over 50 years' experience in the energy and related resources business. Mr. Swan is the President of Swan Petroleum which he established way back in 1976. Earlier, Mr. Swan has been linked with several successful drilling companies like Basin Drilling, Continental Drilling, to name a few.
Mr. Glen Houck, Director, comments about Mr. Swan, “He is one of the few people who can pick up the phone and get us an audience with some of the largest oil and gas companies in the sector.”
The industry experience and contacts that Mr. Swan brings will take Georgetown closer to its goal of being a premier products and services vendor to the oil and gas industry.
In the near term, the new management wishes to increase the service capabilities both for onshore and offshore platforms. This would require a strong supply chain and infrastructure capabilities. Finally, to thrive in such a capital intensive business, the financials need to be strengthened. These remain the critical focus areas of the company.
About Georgetown Corp.
Georgetown, through its subsidiaries, is a provider of oilfield services and equipment to independent and major oilfield companies in exploration, production and development of oil and gas properties, domestically and in selected international markets. The Company plans to continue its growth organically, search for new acquisitions, and expand geographically. For more information on the company, visit www.georgetowncorp.net.
This press release is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Information, opinions and analysis contained herein are based on sources deemed to be reliable and are subject to change without notice.
Source: Georgetown Corporation