Schoeller-Bleckmann Oilfield Equipment to acquire Resource Well Completion Technologies
On November 25, 2014, Schoeller-Bleckmann Oilfield Equipment AG (SBO) announced its acquisition of over 67% of Resource Well Completion Technologies Inc. (Resource), a Canadian oilfield service company.
The purchase price was variable, with a first tranche of C$39.3 million paid upon closing and the second tranche, payable at the end of March depending on Resource's results. SBO has the option to acquire the remaining 33% in Resource after three years.
SBO financed the purchase price out of cash flow and through utilization of existing credit lines.
Resource is a provider of a diverse range of high quality completion, well construction, multi-stage stimulation and well servicing products and systems that efficiently stimulate oil and gas production.
SBO is a world market leader for high precision parts and leading supplier of oilfield equipment for the oilfield service industry, specializing in non-magnetic drilling collar components, high-performance drilling motors and circulations tools for directional and horizontal drilling.
Further information can be found here.