M-I SWACO Acquires SPS

M-I SWACO acquired Specialised Petroleum Services Group Limited (SPS) of Aberdeen, Scotland in exchange for cash consideration of approximately $165m. The acquired operations had revenues of $38m for the six months ended June 30, with 75 percent of the business focused in the Eastern Hemisphere markets and 85 percent of their revenues generated from offshore drilling operations. The operations will be joined under the newly-formed wellbore assurance and productivity business unit which had combined revenues of approximately $400m at June 30 on a trailing 12-month basis. (Source: Nickle’s Energy Group)