The company now known as Petra Drilling Services came into existence in 1972, when CMA Tool Company was founded. CMA Tool Company began as a manufacturer and marketer of pressure control equipment to the global oil and gas industry.
In 1980, the company entered the down-hole drilling equipment market with the introduction of a proprietary new tool – the Hole Straightener. The first customer for the Hole Straightener was Zakum Development in Abu Dhabi, who was having extreme drilling problems caused by sticking. The Hole Straightener helped to correct this problem and eliminated the loss of tools down-hole saving the customer considerable cost for lost tools as well as costly down rig time. This tool went on to become hugely successful for the company, ultimately entering into operations globally in nearly every major market.
As part of an overall global expansion, in 1980, CMA Tool took an investor and changed the name of the company to Double (S) Tool Company. With the expansion of the company, Double (S) Tool began manufacturing other down-hole drilling tools such as Drilling Jars, Shock Subs, and Bumper Safety Joints. The expansion of the company ultimately led to rental tool operations in the following countries:
| United States | North Sea – Scotland | Australia |
| Norway | New Zealand | Mexico |
| New Guinea | Venezuela | Indonesia |
| Egypt | UAE |
With the expansion of the company and its products, Double S Tool developed a significant customer base of major national and international oil companies, including:
| Amoco | Chevron | Petrobel Oil Co. | ARCO |
| BP | North South Petr. | PDVSA – Venezuela | StatOil Norway |
| Shell | Zakum Development | PEMEX – Mexico | Crescent Petr. |
| Phillips | Hunt Oil Company | Murphy Oil Company | Amerada Hess |
| Conoco | Hunt Petroleum | Mobil Oil Company | Cal-Tex |
| Dubai Petr. | Placid Oil Company | Ultramar Oil Co. | NIOC-OSCO |
| ADMA-OPCO | Union Oil Company | Petrobras-Brazil |
In the 90’s, Double S Tool formed a joint venture with a venture capital group to further expand its operations. The company ceased rental tool operations late in the 90’s to focus on the development of some new, advanced drilling equipment. The company ultimately became part of the Petra Group and has since been renamed Petra Drilling Services and is now re-focused on providing rental tool equipment to the oil and gas service industry.