Basic Energy Services Inc. (NYSE: BAS) has sold its four inland barge workover rigs, and related equipment, for approximately $19 million to a private buyer.
As a result of this transaction, Basic Energy Services expects that the impact on revenue and earnings for 2014 will be negligible. The company intends to reinvest the proceeds from this transaction to expand its higher-growth core service lines during 2014.
Basic Energy Services provides wellsite services essential to maintaining production from the oil and gas wells within its operating area. The company employs more than 5,500 employees in more than 100 service points throughout the major oil and gas producing regions in Texas, Louisiana, Oklahoma, New Mexico, Arkansas, Kansas, and the Rocky Mountain and Appalachian regions.