Lafayette-based oilfield services company Timco Services Inc. is being acquired by Frank’s International NV, a Houston company with roots in Lafayette that operates worldwide.
Timco provides tubing and casing services and rental equipment onshore in the southern U.S. and offshore in the Gulf of Mexico.
Gary Luquette, president and chief executive officer of Frank’s International, said the Timco acquisition is an opportunity to expand Frank’s presence in the U.S. land market. Timco’s key market areas include the Eagle Ford Shale in Texas, the Permian’s Delaware Basin, the Haynesville Shale in northwest Louisiana and the U.S. Gulf Coast.
“By joining forces with Frank’s International and gaining access to its proprietary technology, we will significantly improve our quality and breadth of services to our clients,” said Mark Guidry, president of Timco.
Guidry will serve as vice president of Frank’s south Texas operations.
Frank’s International stock was up 6 cents to $17.73, or 0.3 percent, Thursday.
Simmons & Co. International acted as the Frank’s financial adviser, and Vinson & Elkins LLP represented the company in connection with the transaction. Founders Investment Banking acted as Timco’s financial adviser, and Butler Snow LLP represented Timco in connection with the transaction.