Reliance Oilfield Services has executed a definitive acquisition agreement in which Reliance will acquire assets within FMC Technologies Inc.’s wireline services business in Canada and the United States. Specific financial terms of the transaction were not disclosed.
Reliance intends to offer employment to most of the employees within the business.
According to Austin Roberts, president and CEO of Reliance, the acquisition complements the company’s existing operations and puts Reliance in some of the most attractive oil and gas basins in North America.
“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 said.
Brad Gabel, under whose leadership much of FMC Technologies’ legacy wireline business was built, is joining Reliance as executive chairman of the board.
The acquisition is subject to certain approvals and is expected to be completed during the second quarter of 2016.
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