Reliance Oilfield Services to Acquire FMC Technologies’ North American Wireline Assets
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Reliance Oilfield Services, LLC will acquire assets within FMC Technologies, Inc.‘s wireline services business in Canada and the United States.
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. We’re building our company on great people, and that’s what this deal is really about,” said Austin Roberts, president and CEO of Reliance Oilfield Services.
“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,” added Roberts.
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.
“FMC Technologies’ highly experienced wireline management team that is joining Reliance brings excellent relationships with both operational staff and customers. 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,” said Brad Gabel, executive chairman of Reliance.
The acquisition is expected to be completed during the second quarter of 2016.
About Reliance Oilfield Services
Reliance Oilfield Services, LLC, based in Tulsa, Oklahoma, provides full-service cased hole wireline, wireline pressure control, flowback, well testing and drilling services for the North American oil and natural gas industry.
To stop by Reliance Oilfield Services’ website, CLICK HERE
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