Additionally, we will repurpose some of the pressure pumping equipment to support the wireline fleet, which will also be one of the largest in the US, and one of the largest independent providers of directional drilling services. As QES has previously announced the idling of its capital-intensive frac business, we intend to repurpose the vast majority of the pressure pumping equipment to support what will become the largest fleet of large diameter coiled tubing assets in North America. We will be rationalizing two of the largest fleets of coiled tubing and wireline assets, which will dramatically reduce future capital spending requirements and which will facilitate the pull-through of KLXE’s asset-light products and services. In 2018, KLXE has entered into an agreement to acquire Motley Services, a major provider of well completion services, for $148m.Tom McCaffrey, President and CEO of KLXE, said, “QES will add directional drilling, snubbing and well control services to KLXE’s already broad range of product and service lines (“PSLs”).
Subject to KLXE and QES shareholder approval and satisfaction of other customary closing conditions, the transaction is estimated to be completed in the second half of the year.įor the deal, Goldman Sachs has acted as exclusive financial advisor while Freshfields Bruckhaus Deringer has served as legal counsel to KLXE. The entity will retain the KLX Energy Services corporate name and the corporate headquarters will be shifted to Houston, Texas. It is expected to operate one of the largest US wireline fleets with more than 130 wireline units. The combined company is expected to have an asset-light product and service offering present in all major US onshore oil and gas basins.
“Additionally, we will repurpose some of the pressure pumping equipment to support the wireline fleet, which will also be one of the largest in the US, and one of the largest independent providers of directional drilling services.” The combined company will retain the KLX Energy Services corporate name “We will be rationalizing two of the largest fleets of coiled tubing and wireline assets, which will dramatically reduce future capital spending requirements and which will facilitate the pull-through of KLXE’s asset-light products and services. KLXE president and CEO Tom McCaffrey said: “QES will add directional drilling, snubbing and well control services to KLXE’s already broad range of product and service lines (“PSLs”). Upon completion of the transaction, KLXE will own approximately 59% stake in the combined entity, while QES shareholders will hold about 41%. US-based onshore oilfield services provider, KLX Energy Services (KLXE) has signed an agreement to merge with Quintana Energy Services (QES) in an all-stock merger transaction.Īs per the terms of the merger transaction, QES shareholders will receive 0.4844 shares of KLXE common stock for each share of QES common stock.
KLX Energy Services to combine with Quintana Energy Services. KLXE will own approximately 59% stake in the combined company, while QES shareholders will hold about 41%
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