Announced
Completed
Financials
Sources
Tags
Single Bidder
Friendly
oilfield services
Oil Equipment and Services
United States
Private
Majority
Domestic
Acquisition
Completed
Synopsis
ProPetro, an oilfield services company, completed the acquisition of Silvertip Completion Services, a provider of wireline perforating and pumpdown services in the Permian Basin, for $150m. “This acquisition represents another important step for ProPetro, advancing our strategy of pursuing accretive growth opportunities that expand our margins and increase free cash flow generation to create a stronger, more resilient and more diversified company. With our highly complementary service offerings including Silvertip’s premier wireline franchise, strong cash flow metrics, and blue-chip customer relationships, ProPetro is now well-positioned to execute on cross-selling opportunities, while accelerating our ability to achieve our financial growth targets through a more integrated and diversified service offering. We are excited to welcome the Silvertip team as we work to deliver best-in-class services for our customers through a more integrated and diverse service offering to aid us in unlocking meaningful value for our shareholders,” Sam Sledge, ProPetro CEO.
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