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.
Copyright Business Wire 2015