FMC Technologies, Inc. has sold its Wireline Services Division to Reliance Oilfield Services
FMC Technologies, Inc. (NYSE:FTI) (“FMC”)
Wireline Services Division (the “Company” or the “Division”)
FMC Technologies, Inc. (NYSE: FTI) is the global market leader in subsea systems and a leading provider of technologies and services to the oil and gas industry. FMC has approximately 16,500 employees and operates 29 major production facilities and service bases in 18 countries.
FMC’s Wireline Services Division provides wireline and other specialty services to customers in the U.S. and Canada. Based in Calgary, Alberta, the Division has approximately 165 employees and more than 10 facilities located in the Permian Basin, Rockies, Bakken, and Western Canadian Sedimentary Basin. The Division’s asset fleet includes 75 wireline units across the U.S. and Canada and is comprised of electric line units, slickline units, specialty fiber units, and swabbing units. FMC acquired the Division through its acquisition of Pure Energy Services Ltd. in 2012.
Reliance Oilfield Services, LLC (“Reliance”)
Reliance Oilfield Services, LLC, based in Tulsa, Oklahoma, provides full-service cased hole wireline, wireline pressure control, flowback, well testing and drilling services to the North American oil and natural gas industry. Reliance is owned by Edge Natural Resources LLC, a Dallas-based private equity firm focused on investing in the North American upstream and oilfield services industries.
PPHB, LP (“PPHB”)
PPHB is an independent investment banking firm providing financial advisory services exclusively to clients in the oilfield equipment and service industry.