Newpark Completes Acquisition of SEM Construction
Newpark Resources has completed the acquisition of substantially all of the assets and operations of SEM Construction, headquartered in Grand Junction, Colorado. SEM is a full-service well site construction company engaged in construction, reclamation, maintenance, and general rig work for the oil and gas industry at drilling locations throughout Western Colorado.
Total cash consideration paid was $21.3 million, which was funded by borrowing on Newpark's revolving credit facility. The final purchase price is subject to a working capital adjustment.
Newpark Resources, Inc. is a worldwide provider of drilling fluids, temporary worksites and access roads for oilfield and other commercial markets, and environmental waste treatment solutions.
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