Additionally, we will repurpose some of the pressure pumping equipment to support the wireline fleet, which will also be one of the largest in the US, and one of the largest independent providers of directional drilling services. As QES has previously announced the idling of its capital-intensive frac business, we intend to repurpose the vast majority of the pressure pumping equipment to support what will become the largest fleet of large diameter coiled tubing assets in North America. We will be rationalizing two of the largest fleets of coiled tubing and wireline assets, which will dramatically reduce future capital spending requirements and which will facilitate the pull-through of KLXE’s asset-light products and services. Tom McCaffrey, President and CEO of KLXE, said, “QES will add directional drilling, snubbing and well control services to KLXE’s already broad range of product and service lines (“PSLs”). The combined company will retain the KLX Energy Services corporate name, the listing will remain on Nasdaq under the ticker “KLXE” and the corporate headquarters will be moved to Houston, Texas. Upon closing, KLXE and QES shareholders will, respectively, own approximately 59% and 41% of the equity of the combined company on a fully diluted basis. Under the terms of the Merger Agreement, which has been unanimously approved by the Boards of Directors of both companies, QES shareholders will receive 0.4844 shares of KLXE common stock for each share of QES common stock (the “Exchange Ratio”).
Qes directional drilling pro#
The combined company will have an industry-leading, asset-light product and service offering present in all major US onshore oil and gas basins, with more than $1 billion of pro forma fiscal year 2019 revenue and approximately $106 million in fiscal year 2019 adjusted EBITDA, excluding an estimated $40 million of annualized cost synergies and a strong liquidity profile with approximately $118 million of cash 1 and a $100 million revolving credit facility. (“QES”) ( QES) today announced that they have entered into a definitive agreement whereby the companies will combine in an all-stock merger transaction. (“KLXE”) ( KLXE) and Quintana Energy Services, Inc. and HOUSTON, (GLOBE NEWSWIRE) - KLX Energy Services Holdings, Inc. Nine member Board of Directors, comprising five from the KLXE Board, including John Collins as Chairman, and four from the QES BoardĮnhances combined company's ability to effect further industry consolidation QES executive team, including President and CEO Chris Baker along with EVP and CFO Keefer Lehner will remain in those roles with the combined company
Joins two strong company cultures comprised of highly-talented teams with shared commitments to safety, performance, customer service and profitabilityĬombined company to retain the KLXE name and ticker while the corporate headquarters will move to Houston, TX Significant annualized cost synergies of at least $40 million, achievable within twelve months
Qes directional drilling free#
Highly complementary product and service offerings across all major US oil and gas basins provide for increased scale to serve a blue-chip customer baseĪccretive to free cash flow per share within 12 months of closing
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