Basic Energy Services sells workover rig fleet

Basic Energy Services Inc.

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.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...