ProPetro completed the acquisition of Silvertip Completion Services for $150m.

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.