CARROLLTON, Texas--(BUSINESS WIRE)--Varel International Energy Services (VIES), parent company of Varel International Oil & Gas, Varel International Mining & Industrial and Downhole Products, announces the company’s rank of #3948 on the 2013 Inc. 5000 list of the fastest growing private companies and also the attainment of the Five-Time Inc. 5000 Honoree designation. The company was also listed as 91st in the Top 100 Energy Companies.
“In a stagnant economic environment, median growth rate of 2013 Inc. 500|5000 companies is an impressive 142 percent. The companies on this year’s list report having created over 520,000 jobs in the past three years, and aggregate revenue among the honorees reached $241 billion.”
“Our team members set an arduous goal of accelerated growth and this recognition is an outward acknowledgment of the success we knew we could attain,” said Jim Nixon, VIES CEO and President.
Nixon continued, “In spite of the global challenges our industry segments faced this year, VIES continued our historically strong growth trend. The company excelled through platforms of technology innovation, quality, customer service focus, and by our broad product offerings at both Varel and Downhole Products. Each of our business units have made significant contributions to this overall result.”
The Inc. 5000 is an exclusive ranking which highlights the nation's fastest-growing private companies. Varel is listed in the energy category and was selected based on its revenue growth from 2009 to 2012. In this three-year period the company grew from $200.4 million in revenue to $340.1 million; a revenue growth of approximately 70 percent. For a complete listing visit http://www.inc.com/inc5000/list/2013
A notable statement presented by Inc. Magazine described the growth of companies represented by the list, “In a stagnant economic environment, median growth rate of 2013 Inc. 500|5000 companies is an impressive 142 percent. The companies on this year’s list report having created over 520,000 jobs in the past three years, and aggregate revenue among the honorees reached $241 billion.”
“VIES team members across the world should be proud of themselves for this recognition. They are the engine that propels our company and I am truly honored they have once again, for the fifth year in a row, earned this acknowledgement of our ongoing success,” Nixon concluded.
The 2013 Inc. 500|5000 is ranked according to percentage revenue growth when comparing 2009 to 2012. To qualify, companies must have been founded and generating revenue by March 31, 2009. They had to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2012. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2009 is $100,000; the minimum for 2012 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Companies on the Inc. 500 are featured in Inc.’s September issue. They represent the top tier of the Inc. 5000, which can be found at www.inc.com/500.
About Varel International
Varel International Energy Services (VIES) is comprised of three operating units; Oil and Gas, Mining and Industrial, and Downhole Products.
Founded in 1947, Varel International is the world's largest independent supplier of earth boring drill bits. Headquartered in Carrollton, Texas, Varel services oil & gas, mining, and industrial markets with its comprehensive suite of roller cone and fixed cutter drill bits. The company employs more than 1,000 people and has manufacturing facilities in Houston, Texas; Matamoros, Mexico; Kurgan, Russia and Tarbes, France, as well as sales offices throughout the world. For more information, visit www.varelintl.com.
Downhole Products specializes in the design and manufacture of engineered tubular enhancement products for the global upstream oil and gas industries. Since 1994, Downhole Products has been developing and providing downhole solutions aimed at reducing torque and drag and improving casing running and cementing integrity. Downhole Products operates from offices located in Aberdeen, Houston, Kuala Lumpur and Bahrain. For further information visit: www.downhole.org