Premium Casing Services Pty Ltd is a wholly owned subsidiary of Independent Oil Tools ASA (incorporated - Norway) following the successful acquisition in August 2005.
PCS was originally incorporated in June 1990 as Premium Drilling Co Pty Ltd. It's original function was to manage the Mobile Offshore Drilling Unit, the "Southern Cross" on behalf of it's Norwegian parent, Odfjell Drilling Holdings NV (Odfjell). The rig was sold in 1993 and the company ceased trading.
In October 1994, the company was renamed Odfjell Drilling Australia Pty Ltd and recommenced trading as Odfjell Well Services Australia. The company operated as an oilfield service contractor, running casing and tubing for oil companies in Australia and Papua New Guinea.
In 1997, the company was renamed Premium Casing Services Pty Ltd following a management buyout and has since grown to gain a significant share of the Oceania Region, oilfield casing & tubular running services market. During August 2005, the directors and shareholders of PCS agreed to the sale of the company to Independent Oil Tools ASA based in Stavanger, Norway. PCS is a 100% subsidiary of IOT, but still managed 100% by Australians.
During this time the management has strategically diversified the company's suite of services to compliment the expertise that the company holds. As a result the head office premises occupied by the company now comprises 18,000 m². Bases are located in Bibra Lake - Perth, Moomba - South Australia and New Plymouth - New Zealand.