FORT WORTH, Texas--(BUSINESS WIRE)--FTS International (FTSI), one of the largest well completion service companies in North America, announced today that it has signed a definitive agreement to acquire J-W Wireline Company (J-W Wireline). J-W Wireline, a subsidiary of J-W Energy Company, is one of the largest independent cased-hole wireline companies in North America.
The integration of FTSI’s existing wireline division and J-W Wireline will expand FTSI’s wireline service and geographical reach. FTSI’s wireline capacity will increase more than tenfold, and service will be extended to all locations where the company currently offers hydraulic fracturing services, including the Permian Basin; Eagle Ford, Marcellus, Utica and Haynesville shales; and various mid-continent plays.
FTSI will offer its customers vertical and horizontal (pump down) perforating, comprehensive cased-hole logging services including cement bond logs and production logging, slickline, braided line, tubing conveyed perforating (TCP), pipe recovery and mechanical services.
“This acquisition gives us a national wireline footprint and aligns with FTSI’s strategic plans for future growth,” FTSI Chief Executive Officer Greg Lanham said. “This provides us the ability to offer a more comprehensive and efficient bundle of well completion services for our customers.”
The acquisition includes a J-W Wireline manufacturing facility that will complement FTSI’s existing manufacturing capabilities. In addition, a J-W Wireline training facility will augment FTSI’s extensive HSE (health, safety and environmental) training program.
The transaction is expected to close by the end of 2014. FTSI intends to pay for the acquisition from cash on hand and existing credit facilities. The terms of the transaction are not being disclosed by the parties.
J-W Wireline’s current President, Perry Harris, will lead the expanded FTSI wireline division. Mr. Harris brings more than 30 years of senior management experience in the oil and gas industry. “We look forward to becoming part of the FTSI team and believe this combination provides improved opportunities for our employees and expanded solutions for both J-W Wireline and FTSI customers,” Mr. Harris said.
Mr. Lanham added, “We welcome the more than 400 employees of J-W Wireline to the FTSI family. They are a tremendous addition to our team, and we look forward to shaping our future together.”
ABOUT FTS INTERNATIONAL
FTS International (www.ftsi.com) is one of the largest well completion service companies in North America. FTSI has more than 1.6 million hydraulic horsepower deployed in the major U.S. shale basins. The company provides well completion services, including pressure pumping, wireline and reservoir optimization technologies. Exploration and production companies use FTSI’s products, services and expertise to enhance recovery rates from oil and gas wells, primarily in unconventional plays.