Cathedral Energy Services completed the acquisition of Rime Downhole Technologies for $41m.

Cathedral Energy Services, a provider of directional drilling services to oil and gas operators, completed the acquisition of Rime Downhole Technologies, an engineering firm that develops downhole measurement equipment for the drilling industry, for $41m. "We are pleased to welcome Rime's employees and principals to Cathedral and are excited to expand the technical moat around our business with their high-performance products and capabilities. With technology that has a reputation for high reliability and standard-setting performance, Rime has forged strong market share and broad market acceptance which includes adoption by many of the larger and more active players in the industry. We will continue to operate Rime as an independent brand and support the sale of industry-leading technology to a broad customer base, including some of our competitors. The founders of Rime, Mr. Manoj Gopalan, President, and Mr. Robert Weber, Senior Vice President, will continue to lead the business and will add significant depth to our engineering and technology efforts as we further differentiate our product offering in the market." Tom Connors, Cathedral President and CEO.