Basic Energy sells inland rig fleet in $19M dealApril 1, 2014
A. Lee Graham
Basic Energy Services Inc. of Fort Worth has sold its four inland barge workover rigs and related equipment for about $19 million to a private buyer.
According to the company, the transaction’s impact on revenue and earnings for 2014 will be “negligible.”
Citing dwindling numbers of active customers and limited growth opportunities in the inland workover barge market, president and CEO Roe Patterson said the firm will spend its money elsewhere.
“We intend to reinvest the proceeds from this transaction to expand our higher growth, core service lines during 2014,” Patterson said in a news release.
Basic Energy Services, which provides oil and gas well-site services, employs more than 5,500 workers in Texas, Louisiana, Oklahoma, New Mexico, Arkansas, Kansas and the Rocky Mountain and Appalachian regions. More information is available at www.basicenergyservices.com.