“FMC Technologies’ highly experienced wireline management team that is joining Reliance brings excellent relationships with both operational staff and customers”
TULSA, Okla.- Reliance Oilfield Services, LLC says it will buy FMC Technologies, Inc.’s wireline services business in Canada and the United States.
Specific financial terms of the transaction were not disclosed.
Reliance says it intends to offer employment to most of the employees within the business.
According to Reliance CEO Austin Roberts, 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 Gabel.
“I’m enthusiastic about the opportunity to have the expanded Reliance team 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 the second quarter of 2016.