DALLAS--(BUSINESS WIRE)--J-W Wireline Company (J-W Wireline), one of the largest independent cased-hole wireline companies in North America, announced today that it has signed a definitive agreement to be acquired by FTS International (FTSI), one of the largest well completion service companies in North America. J-W Wireline is a subsidiary of J-W Energy Company, a privately-held company which has been involved in the oil and gas industry in North America for more than 50 years.
J-W Wireline’s President, Perry Harris, will lead the combined 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.
J-W Energy Company Chief Executive Officer Howard Westerman, commented, “We appreciate the substantial contributions Perry Harris and his team have provided to J-W Energy over the past several years and believe this transaction with FTSI is beneficial for all parties. This demonstrates the value inherent in building a service company based on principles of excellent service, safety and skilled employees.”
The integration of J-W Wireline, which includes a manufacturing and a training facility, will increase FTSI’s wireline capacity more than tenfold, and service will be extended to all locations where FTSI currently offers hydraulic fracturing services, including the Permian Basin; Eagle Ford, Marcellus, Utica and Haynesville shales; and various mid-continent plays.
“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 transaction is expected to close by the end of 2014. The terms of the transaction are not being disclosed by the parties.
ABOUT J-W Energy Company
J-W Energy Company (www.jwenergy.com) is one of the largest privately-held companies in the oil and gas industry with activities focused primarily in the natural gas upstream, midstream and energy services segments of the industry. Based in Addison, Texas, J-W Energy has more than 60 field offices in multiple domestic gas producing basins and employs more than 1,000 employees. Upstream operations are focused primarily on unconventional natural gas plays in the U.S., and the energy services group includes one of the largest privately-owned compression fleets in the U.S.