In November 2007, Arcapita acquired Varel International Energy Services. Based in Carrollton, Texas, Varel produces polycrystalline diamond compact and roller cone bits for the oil and gas bit market. The company also produces roller cone bits for the mining and industrial bit market. Varel’s global reach enables it to serve leading oil and gas and mining and industrial companies, including Saudi Aramco, Sonatrach, Total, Agip, BP, Shell, Petronas, Kuwait Oil, XTO, Devon, Chesapeake, EOG, Occidental, BHP Billiton, Phelps Dodge, Rio Tinto, Grupo Mexico and Barrick Goldstrike. Arcapita sold Varel Internaitonal to Sweden’s Sandvik AB in 2014.