Superior Well Services Inc. said Monday it has signed an agreement to buy oilfield service assets from Diamondback Holdings LLC for $270 million.
The assets -- Diamonback's pressure pumping, fluid logistics and completion, production and rental tools business lines -- generated $241 million in revenue for the 12 months ended June 30, Superior said.
Superior said it will provide funding details later. The company expects the deal to close in the fourth quarter.
The deal also includes 105 fluid hauling transports and trucks, 400 frac tanks and six water disposal wells.
Shares of Superior fell $1.68, or 6 percent, to $26.17 in morning trading. The stock has ranged from $16.88 to $35.83 over the past year.
The assets -- Diamonback's pressure pumping, fluid logistics and completion, production and rental tools business lines -- generated $241 million in revenue for the 12 months ended June 30, Superior said.
Superior said it will provide funding details later. The company expects the deal to close in the fourth quarter.
The deal also includes 105 fluid hauling transports and trucks, 400 frac tanks and six water disposal wells.
Shares of Superior fell $1.68, or 6 percent, to $26.17 in morning trading. The stock has ranged from $16.88 to $35.83 over the past year.
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