Houston, Texas-based Baker Hughes is required to divest these assets pursuant to a proposed final judgment with the Department of Justice related to its acquisition of BJ Services Company.
The acquired assets acquired include two stimulation vessels (the HR Hughes and Blue Ray) and the BJ Services sand control completion tools product line, including a tool and screen manufacturing facility and technology center in Houston, Texas.
Superior intends to fund the acquisition through its existing revolving credit facility. The transaction is expected to close in late July, subject to regulatory approval and other customary closing conditions.
David Dunlap, CEO of Energy Services, said: “We believe this acquisition represents an unprecedented opportunity to enter a high-technology market area. The acquisition of the sand control assets with their world-class manufacturing facility and product line will provide us greater exposure to well completions and to intervention projects earlier in the life cycle of the well.”
