The Client:
The client is a leading provider of oilfield rental tools and equipment including blowout preventers, drill pipe, handling tools and drill collars. The client provides world class service to oil and gas producers out of seven facilities located in the major U.S. oil producing basins.
The Challenge:
The client's existing facility in Odessa, TX was beyond repair and grossly undersized for the amount of business being conducted in the prolific Permian Basin. The Fritsche Anderson team was hired to deliver a brand new facility as quickly as possible and at the lowest possible occupancy while navigating challenging oil and gas fundamentals and a publicly traded parent company under extreme pressure from Wall Street.
Services Provided:
• Current real estate holdings assessment
• Team assembly including architect, developer, contractors
• Site search, evaluation and acquisition
• Site planning and facility design
• Construction estimates and management
• Lease structure and negotiation
• Move coordination
• Disposition of current real estate holdings
The Result:
After multiple rounds of negotiations with developers and general contractors, Fritsche Anderson successfully negotiated a 15 year lease at a very competitive price. The client will relocate into its new, multi-use facility on time and within budget. The new facility and its location will be instrumental in promoting the client's continued growth for many years to come in the Permian Basin.