Basic Energy Services Inc. (NYSE: BAS) has completed the acquisition of substantially all of the assets of Pioneer Fishing and Rental (PFR), a division of Pioneer Energy Services (NYSE: PES), for a total cash consideration of $16 million. PFR operates its rental and fishing tool business from locations in Woodward, Oklahoma; Pampa, Texas; and Springtown, Texas.
Basic expects this acquisition to be immediately accretive to earnings and to contribute revenue of $14 million in 2015. With this purchase, Basic has combined its existing operation in Woodward, Oklahoma, and expanded its rental and fishing tool business into Pampa, Texas, and Springtown, Texas.
The acquisition will enhance Basic’s rental and fishing tool capabilities in the Texas Panhandle, Oklahoma, and northern Barnett Shale operating areas.