Midland-based ProPetro Holding Corp., oilfield services company that provides completions services to upstream oil and gas companies, said this week it acquired another Midland company, Silvertip Completion Services Operating, a provider of wireline perforating and pumpdown services. Value of the transaction, which includes cash ($30 million), stock and assumed debt, is $150 million. ProPetro said Tuesday the deal creates “a leading completions-focused oilfield services company headquartered in the Permian Basin.”
Silvertip “owns and operates 23 wireline units and a best-in-class pumpdown fleet” and “provides operators with efficient wireline and pumpdown services, including logging, perforating and pressure control while showcasing its culture of data-driven decision-making and established track record of safety.”
Sam Sledge, ProPetro CEO, said his company is working “to deliver best-in-class services for our customers through a more integrated and diverse service offering.” Mike Wood, co-founder and president of Silvertip, added, “Combining ProPetro and Silvertip pairs the best-in-class Permian hydraulic fracturing and cementing company with one of the largest Permian wireline companies.”