HOUSTON--(BUSINESS WIRE)--Frank’s International N.V. (NYSE:FI) (the “Company”) today announced that it has entered into a definitive purchase agreement for the purchase of Timco Services, Inc. (“Timco”), a privately-held company that provides tubular running services and rental equipment onshore in the southern U.S. and offshore in the Gulf of Mexico. The Company intends to finance the acquisition using cash on hand. The acquisition is scheduled to close in the second quarter of 2015, subject to regulatory approval and other customary closing conditions.
Gary Luquette, President and Chief Executive Officer of Frank’s International, stated “We are pleased to have entered into an agreement to acquire Timco as we believe this transaction is a unique opportunity to expand our presence in the U.S. land market and demonstrate our commitment to our core business. Timco is a premium provider of tubing and casing services in several key geographic areas, including the Eagle Ford Shale, the Permian’s Delaware Basin, the Haynesville Shale and the U.S. Gulf Coast, with an operating model that closely mirrors Frank’s International. This is a great strategic fit and we look forward to welcoming the talented employees of Timco to the Frank’s International family.”
Mark Guidry, President of Timco, stated “By joining forces with Frank’s International and gaining access to its proprietary technology, we will significantly improve our quality and breadth of services to our clients. Additionally, Frank’s International represents an excellent new home for Timco’s highly skilled and experienced employees.” Once the acquisition closes, Mark Guidry will serve as Vice President of Frank’s South Texas operations.
Simmons & Company International acted as the Company’s financial advisor, and Vinson & Elkins L.L.P. represented the Company in connection with the transaction.
Founders Investment Banking acted as Timco’s financial advisor, and Butler Snow L.L.P. represented Timco in connection with the transaction.
Forward Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include statements, estimates and projections regarding the Company’s future business strategy and prospects for growth, cash flows and liquidity, financial strategy, budget, projections and operating results, the amount, nature and timing of capital expenditures, the availability and terms of capital, the level of activity in the oil and gas industry, volatility of oil and gas prices, unique risks associated with offshore operations, political, economic and regulatory uncertainties in international operations, the ability to develop new technologies and products, the ability to protect intellectual property rights, the ability to employ and retain skilled and qualified workers, the level of competition in the Company’s industry and other guidance. These statements are based on certain assumptions made by the Company based on management’s experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include the factors discussed or referenced in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
About Frank’s International
Frank’s International N.V. is a global oil services company that provides a broad and comprehensive range of highly engineered tubular services to leading exploration and production companies in both offshore and onshore environments, with a focus on complex and technically demanding wells. Founded in 1938, Frank’s has over 4,500 employees and provides services in approximately 60 countries on six continents. The Company’s common stock is traded on the NYSE under the symbol “FI.” Additional information is available on the Company’s web site, www.franksinternational.com.