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KLX Energy closes Red Bone, Tecton acquisitions for $82M

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KLX Energy closes Red Bone, Tecton acquisitions for $82M

Onshore oilfield services provider KLX Energy Services Holdings Inc. said March 20 that it completed the acquisitions of its fellow oilfield services providers Red Bone Services LLC and Tecton Energy Services Ltd. for about $82 million.

The transactions, which are expected to result in annual EBITDA synergies of $12 million, comprise about 2.1 million shares.

"The Red Bone acquisition provides KLX Energy Services with a substantially stronger geographical presence in the Mid-Con, along with important potential market synergies as we roll out our broad portfolio of services to Red Bone's customers. ... The addition of the Tecton business and its highly competent operating team creates the opportunity to roll out Tecton's flowback, filtration and testing services to our other geographic regions," KLX Energy Services Chairman and CEO Amin Khoury said.

For 2019, the company is targeting revenue of $800 million and an adjusted EBITDA of $200 million.