What is Rigs?
Rigs, also known as Derricks, Etc., LLC., is a Houston, Texas-based entity deeply entrenched in the manufacturing and steel fabrication of critical oil field equipment. Their extensive product portfolio includes essential components such as snubbing units, hydraulic workover units, rotary equipment, power packs, and casing jacks. Further bolstering their capabilities, Rigs operates through two subsidiaries, Pena Manufacturing Co. and Pedcor, which are dedicated to producing breakout units, torque machines, and a variety of coiled tubing products. The company primarily serves the oil and gas industry, providing high-quality fabrication and machining services tailored to the sector's demanding requirements.
How much funding has Rigs raised?
Rigs has raised a total of $150K across 1 funding round:
Debt
$150K
Debt (2020): $150K with participation from PPP
Key Investors in Rigs
PPP
Public-Private Partnership
What's next for Rigs?
With a substantial large-scale late-stage funding context, Rigs is strategically positioned for significant expansion and operational enhancement. The recent major strategic investment suggests a focus on scaling production, potentially entering new markets, or advancing technological capabilities within their specialized equipment manufacturing. This capital infusion is likely to fuel further innovation and solidify Rigs' competitive edge in supplying the oil and gas industry with essential fabrication and machining solutions.
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