Allis-Chalmers Sells Capillary Tubing Assets
Allis-Chalmers Energy has sold its capillary tubing units and related equipment to BJ Services Company for $16,250,000 in cash. Allis-Chalmers will retain the accounts receivables associated with the capillary tubing business.
Micki Hidayatallah, Allis-Chalmers' Chairman and Chief Executive Officer, stated, "We determined that the capillary tubing business did not fit our long term plan and believe there are other opportunities to redeploy our capital in a way that would be more beneficial for the future growth of Allis-Chalmers. Our Production Services segment, of which the capillary tubing assets represented a small portion, will continue to focus on providing a variety of production-related rental tools and equipment and services, including coil tubing, wire line services and land and offshore pumping services."
- Baker Hughes Closes BJ Services Acquisition (Apr 29)
- Baker Hughes, BJ Services Reach Final Agreement with DOJ (Apr 27)
- BJ Services Gets to Work on Casablanca Platform (Apr 09)
Company: Allis-Chalmers Energy more info
- Seawell, Allis-Chalmers Merger Finalized (Feb 24)
- Seawell to Acquire Allis-Chalmers for $890MM (Aug 13)
- Allis-Chalmers Sees 41% Increase in 2Q Revenues (Aug 03)