KLX Energy Services Completes Motley Acquisition
November 05 2018 - 10:20AM
KLX Energy Services Holdings, Inc. (“KLX Energy Services” or the
“Company”) (NASDAQ:KLXE) announced today that it has completed its
acquisition of Motley Services, LLC, a premier provider of well
completion and intervention services for complex, long lateral,
horizontal wells.
Amin J. Khoury, Chairman and Chief Executive
Officer of KLX Energy Services stated, “The acquisition of Motley
represents a major entry into large diameter coiled tubing for KLX
Energy Services. The addition of Motley’s large diameter coiled
tubing business, along with its wireline and thru-tubing services,
which are complementary to the Company’s existing service
offerings, will significantly enhance KLX Energy Services
integrated platform. Motley’s coiled tubing services, which are
currently offered in the Company’s Southwest region, will be rolled
out to the Rockies and Northeast/Mid-Con geographic regions. KLX
Energy and Motley each offer access to the other’s high-quality
customers and important cross-selling opportunities.”
Mr. Khoury concluded, “The acquisition price of
approximately $148 million, comprised of $139 million in cash and
$9 million in stock, represents a multiple of approximately 3.2
times Motley’s annualized third quarter 2018 EBITDA of
approximately $46 million. The acquisition is expected to be
accretive to our fourth quarter 2018 financial results and
substantially accretive to earnings in 2019.”
About KLX Energy Services
KLX Energy Services is a leading U.S. onshore
provider of mission critical oilfield services focused on
completion, intervention and production activities for the most
technically demanding wells. KLX Energy Services’ experienced and
technically skilled personnel are supported by a broad portfolio of
specialized tools and equipment, including innovative proprietary
tools developed by the Company’s in-house R&D team. KLX Energy
Services supports its customers on a 24/7 basis from over 35
service facilities located in the major onshore oil and gas
producing regions of the United States.
Forward-Looking Statements
This news release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Such forward-looking statements, including
those regarding the timing and consummation of the transactions
described herein, involve risks and uncertainties. The Company’s
actual experience and results may differ materially from the
experience and results anticipated in such statements. Factors that
might cause such a difference include those discussed in the
Company’s filings with the Securities and Exchange Commission
(“SEC”), which include its Registration Statement on Form 10,
Quarterly Report on Form 10-Q and Current Reports on Form 8-K. For
more information, see the sections entitled “Risk Factors” and
“Forward-Looking Statements” contained in the Company’s Form 10 and
in its other filings. The forward-looking statements included in
this news release are made only as of the date of this news release
and, except as required by the federal securities laws and the
rules and regulations of the SEC, the Company undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
CONTACT:Michael PerlmanTreasurer
and Senior Director, Investor RelationsKLX Energy Services
Holdings, Inc.(561) 273-7148
KLX Energy Services (NASDAQ:KLXE)
Historical Stock Chart
From Mar 2024 to Apr 2024
KLX Energy Services (NASDAQ:KLXE)
Historical Stock Chart
From Apr 2023 to Apr 2024