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ProPetro completed the acquisition of Aqua Prop for $36m.

Synopsis

ProPetro, a provider of premium integrated completion services, completed the acquisition of Aqua Prop, a provider of cost-effective wet sand solutions, for $36m. "The acquisition of Aqua Prop aligns seamlessly with our strategy of pursuing more innovation and integration for our disciplined operating model and high-grading our capital allocations. This acquisition, while highly complementary to our core business, is also aimed squarely at industrializing our operations with the ultimate goal of bringing more value to our customers and ProPetro. As part of the transaction, ProPetro will own and provide onsite sand storage and handling, while also leveraging strategic agreements for both logistics and preferred access to wet sand supply. ProPetro is continuing to build on our reputation of delivering best-in-class integrated completions services desired by operators in the Permian Basin. We look forward to working closely with the Aqua Prop team to achieve our shared goals and drive further success for our company," Sam Sledge, ProPetro CEO.

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