Seventy Seven Energy closes sale of Hodges Trucking

Seventy Seven Energy Inc. (NYSE: SSE) has completed the sale of Hodges Trucking Co. LLC to a wholly owned subsidiary of Aveda Transportation and Energy Services Inc. (TSX-V: AVE). At the closing, SSE received aggregate consideration of $42 million, subject to a customary post-closing working capital adjustment, consisting of $15 million in cash and a $27 million principal amount junior secured fixed rate note due June 15, 2020. The note is secured by a second lien on substantially all of Aveda’s fixed assets and accounts receivable.

Hodges currently operates and owns approximately 900 pieces of rig moving and heavy haul equipment, including approximately 200 haul trucks, 400 trailers, 70 bed/pole trucks, 35 cranes, 40 forklifts/loaders, and 160 service vehicles. The sale did not include the real estate used in Hodges’ operations.

Headquartered in Oklahoma City, Oklahoma, SSE provides wellsite services and equipment to US land-based exploration and production customers operating in unconventional resource plays. SSE’s services include drilling, hydraulic fracturing, and oilfield rentals.

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


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...