Reliance Oilfield Services, LLC (Reliance) has announced the execution of a definitive acquisition agreement which will see Reliance 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 the majority of employees within the business.
According to Austin Roberts, Reliance President and CEO, the acquisition complements the company’s existing operations and puts Reliance in some of the most attractive oil and gas basins in North America.
“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.”
Roberts also expressed excitement that Brad Gabel, under whose leadership much of FMC Technologies’ legacy wireline business was built, is joining Reliance as Executive Chairman of the Board.
“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 expected to be completed during 2Q 2016.
For more information, please visit: www.relianceofs.com
Adapted from a press release by Louise Mulhall
Read the article online at: https://www.oilfieldtechnology.com/product-news/13052016/reliance-oilfield-services-to-acquire-fmc-technologies-north-american-wireline-assets/