From launching into a difficult Canadian energy market to investing in inventory, facilities and strategic partnerships, Thru Tubing Canada has continued to build around value, capability and local service.
In early fall, the Canadian oil and gas industry was in serious decline. Oil prices remained weak year over year with little indication of when conditions would improve. TTC saw an opportunity for a local company with low overhead to deliver value to customers facing intense margin pressure.
Oil prices had fallen further and forecasts called for substantial energy-sector job losses. International service companies were scaling back Canadian operations, while TTC's locally focused service model was well received. The emphasis remained on value and helping customers operate through challenging conditions.
The COVID-19 pandemic added further pressure to the industry and oil prices. TTC continued investing in inventory to meet immediate business needs while preparing for future growth.
As pandemic restrictions began easing and oil prices recovered, TTC was positioned for improving activity. After several years of inventory growth, planning began for a new shop and a larger operational footprint.
With the oil-price recovery in full swing, construction began on TTC's new facility. The project was completed in late fall, providing the company with additional capacity for its growing operations and inventory.
TTC celebrated its fifth anniversary and recognized the customers and service partners whose support helped make the company's first five years possible.
As international service companies reduced resources in Canada and access to certain critical tools became more restricted, TTC continued building an independent, competitive Canadian alternative.
TTC's partnership with Top Oil Tools combined complementary strengths with a focus on performance and Extended Reach Bottom Hole Assemblies (BHAs), expanding the solutions available to Canadian operators and supporting greater competition in the thru-tubing service sector.