Frank’s to acquire Timco for $75 million
HOUSTON, March 17, 2015 – Oil services company Frank’s International will acquire Timco Services for $75 million in cash.
The deal between the US companies was revealed in a filing with the US Securities and Exchange Commission. It includes a potential earnout of $20 million beyond the cash purchase, and is expected to close in the second quarter of 2015.
Both companies provide tubular services for global oilfield operations.
A spokesperson for Frank’s International told Rigzone that the acquisition will help the company position itself to take advantage of a future rebound in oil prices. A key benefit will come from Timco Services’ customer base, which differs from the Frank’s International clientele.
Timco Services’ portfolio will add unconventional plays to Frank’s International’s operations including developments in the Eagle Ford shale, the Haynesville shale and the Permian’s Delaware Basin.
Frank’s International reported a revenue of $1.15 billion in 2014.