San Antonio, Texas-based Pioneer Drilling Co. has acquired a Go-Coil LLC, a Vermilion Parish-based oilfield services company for $110 million in cash.
Go-Coil operates a fleet of 10 coiled tubing units, seven onshore and three offshore, all of which were placed in service since 2009. The company's services include well cleanouts, cementing, perforation and stimulation.
Go-Coil has 160 employees and serves five major markets: the Haynesville Shale in north Louisiana, the Marcellus Shale in Pennsylvania, the Eagle Ford Shale in south Texas, the north Texas Panhandle, and the Gulf Coast. Go-Coil will be placed under Pioneer's Production Services division.
The deal is expected to contribute roughly $26 million to $29 million to Pioneer's earnings before interest, taxes, depreciation and debt payments.