Frank's International to Acquire Timco in $75M Cash Deal

While Texas’ oil companies have seen their fair share of hits in recent months, a newly-announced acquisition is a step in the opposite direction. Houston-based Frank’s International, LLC has entered into a definitive purchase agreement to purchase Louisiana-based Timco Services, Inc. in a $75 million cash deal.

According to an 8-K filing with the U.S. Securities and Exchange Commission, Frank’s, a global oil services company that provides tubular services to exploration and production companies in offshore and onshore environments, will acquire privately-held Timco “in exchange for consideration consisting of $75 million in cash, subject to customary adjustments for the net working capital and the net debt positions of Timco at the time of closing and an earnout of up to $20 million payable in two separate payments of $10 million, each of which are contingent on the U.S. land rotary rig count, as reported by Baker Hughes, exceeding certain targets over prescribed time periods during the period from the 4Q of 2015 through the 2Q of 2017.”

“We believe that this acquisition provides attractive positioning for an eventual recovery in oil and gas prices,” a spokesperson for Frank’s told Rigzone. “Timco’s strong relationships with blue chip customers and limited overlap with Frank’s key customers will allow us to expand our footprint in highly active oil and gas unconventional plays – specifically Eagle Ford and Permian. Additionally, Timco’s management and culture are aligned with Frank’s and will complement our highly motivated workforce in these key areas of operation.”

The acquisition is scheduled to close in the second quarter of 2015.  



Valerie is an experienced writer and editor dedicated to providing useful and relevant career news about the oil and gas industry. Email Valerie at


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

More from this Author
Valerie Jones
Senior Editor | Rigzone
 -  Report: 2Q Sees Lowest Number of M&A D... (Jul 24)
 -  BLOG: Rigzone Survey Examines Departed... (Jul 20)
 -  BLOG: New Study Pegs Women as 'Untappe... (Jul 13)
 -  Ophir Energy Cuts Cost; Eliminates Sta... (Jul 12)
 -  Freeport-McMoRan Cuts Another 25 Jobs (Jul 10)

Most Popular Articles

From the Career Center
Jobs that may interest you
Survey Project Manager
Expertise: Landman|Project Management|Surveying
Location: Corpus Christi, TX
Social Media Specialist
Expertise: Graphics Design|Marketing|PR / Corporate Communications
Location: Houston, TX
Land Analyst - WY / UT Land Grant
Expertise: Landman|Lease Analyst|Legal
Location: Denver, CO
search for more jobs

Brent Crude Oil : $50.2/BBL 3.29%
Light Crude Oil : $47.89/BBL 3.34%
Natural Gas : $2.94/MMBtu 1.37%
Updated in last 24 hours