Reliance Oilfield Services LLC (Reliance) announced the execution of a definitive acquisition agreement where Reliance will acquire assets within FMC Technologies Inc.'s wireline services business in Canada and the US.
Specific financial terms of the transaction were not disclosed.
Reliance intends to offer employment to most of the employees within the business.
"This is a compelling transaction because it is aligned with our company's vision to have the highest caliber teams in each of our operating areas," said Roberts. "We're building our company on great people, and that's what this deal is really about."
"In addition, through our valued partnership with Edge Natural Resources (a Dallas-based private equity firm), we are able to retain a healthy balance sheet and position ourselves to take advantage of a difficult time in the industry."
"FMC Technologies' highly experienced wireline management team that is joining Reliance brings excellent relationships with both operational staff and customers," said Mr. Gabel. "I'm enthusiastic about the opportunity to have the expanded Reliance team to provide a platform to meet our customers' current needs and grow as market conditions improve."
The acquisition is subject to certain approvals and is to be completed during 2Q16.
Edited from press release by Angharad Lock
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/11052016/reliance-acquires-fmc-technologies-north-american-wireline-assets-633/