RPC acquires Spinnaker Oilwell Services for $79.5M, expanding cementing into Permian and Mid-Continent

RPC INC

Purchase price of $79.5M for 100% of Spinnaker's equity; $77M cash paid at closing plus $2.5M in assumed liabilities.
Spinnaker operates 18 cementing spreads from facilities in El Reno, OK and Hobbs, NM; primarily serves Permian and Mid-Continent basins.
Acquisition effective July 1, 2023; RPC plans to continue operating under the Spinnaker name.
Consideration funded from RPC's cash on hand; post-closing working capital adjustment included.
Cudd Pumping Services (RPC subsidiary) merged Spinnaker into its operations; transition services agreement through Dec 31, 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

RPC INC entered into Merger Agreement with Spinnaker Oilwell Services LLC valued at $79.5 million (effective 2023-06-30).

Action: entry
Agreement: merger
Counterparty: Spinnaker Oilwell Services LLC
Value: $79.5 million
Effective: 2023-06-30

Exact text from the filing

On June 30, 2023 (“Closing Date”), Cudd Pumping Services, Inc., a Delaware corporation (“Cudd ”), entered into a Merger Agreement (the “Merger Agreement”) by and among Cudd, RPC 123, LLC (“Merger Sub”), a Delaware limited liability company and a wholly-owned subsidiary of Cudd, Spinnaker Oilwell Services LLC, a Delaware limited liability company ( “Spinnaker”), and Catapult Energy Services Group, LLC, a Delaware limited liability company (“Catapult”), solely in its capacity as the representative of Spinnaker’s members pursuant to the Merger Agreement and in its capacity as paying agent under the Merger Agreement.

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RPC INC filing history →

Source: SEC EDGAR

accession 0001654954-23-008918

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