Cathedral Energy Services Ltd. acquired Rime Downhole Technologies, LLC for approximately C$55 million (USD $41 million). The transaction closed on July 11, 2023. Rime, a Texas-based company established in 2012, specializes in downhole measurement-while-drilling (MWD) products, notably the Slick-HDTM Pulser and AgilisTM Driver. This acquisition strengthens Cathedral’s market position in the MWD sector and is expected to enhance its technical capabilities. Rime’s founders, Manoj Gopalan and Robert Weber, will continue leading Rime as an independent brand under Cathedral, focusing on maintaining high product performance and market share. Cathedral anticipates significant synergies, estimating up to CAD $34 million annually by reducing reliance on third-party MWD rentals.

Legal advisors included DS Lawyers Canada LLP, Fasken Martineau DuMoulin LLP, and Porter Hedges LLP for Cathedral, and Meadows, Collier, Reed, Cousins, Crouch & Ungerman, LLP for Rime, with financial advisory services provided by Peters & Co. Limited, Acumen Capital Finance Partners Ltd, Stifel FirstEnergy, Cormark Securities Inc., and PPHB, LP.