Parker Drilling Sells Two Barge Rigs to Basic Energy Services for About $20 Million
Parker Drilling Co., which provides offshore drilling services, on Wednesday said it has agreed to sell two of its barge rigs in the Gulf of Mexico to Basic Energy Services Inc. for about $20 million.
Parker expects to book a $5 million gain on the sale and said it plans to use proceeds to fund 2007 growth and capital projects.
The transaction is slated to close in January.
Separately, Midland, Texas-based Basic Energy said it also plans to purchase substantially all the operating assets of New Mexico-based Davis Tool Co., which provides rental and fishing tool services and will be rolled into a similar division of Basic.
“Fishing” tools refer to those used to retrieve — or fish out — equipment lost in oil wells.
Altogether, Basic expects the acquisitions to contribute about $3.9 million in quarterly revenue.
Shares of Parker Drilling fell 23 cents to close at $8.61 on the New York Stock Exchange. Basic Energy shares dipped 35 cents to end at $25.19.
