Nine Energy Trims Down, Sells Production Solutions Biz

Nine Energy Service, an oilfield services company that competes with companies like Halliburton and Baker Hughes, operates in a number of shale basins, including the Marcellus/Utica. Last October Nine bulked up by buying out Magnum Oil Tools, a “downhole technology” company (see Nine Energy Buying Magnum Oil Tools for $493M). Now Nine is slimming down by selling off its Production Solutions division (i.e. well services business) to Brigade Energy Services for $17 million. Along with the sale goes a reduction of 24% of Nine’s workforce.

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