Flint Energy Services has acquired all of the issued shares of PES Surface (PSI) a subsidiary of Paintearth Energy Services for approximately $7.3 million in cash and the assumption of $610,000 debt, subsequent to closing adjustments. This facility and workforce will allow Flint to expand its production equipment manufacturing services into Canada.
The outstanding quality, customer service and manufacturing process at PSI will provide the platform for Flint to add engineering and design solutions for production equipment to Flint's customers in Western Canada. This wider range of services will include gas dehydration, dewpoint control, gas filtration, BTEX removal and incineration, oil dehydration and process equipment design to match the production specifications of the field and formation it is designed for. Flint's extensive geographic footprint and business development team will be used to expand the sales and grow the business. The close tie to Production Services will allow for the design manufacturing and field installation of equipment, providing production solutions to our customers.
Bill Lingard, President and CEO of Flint said, "I am excited to welcome the employees of PSI into the Flint team. Flint sees this as a strategic opportunity for growth, tied to the expansion work in oil drilling and shale gas drilling in Western Canada."
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