secwatch.observer — SEC 8-K summary
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Issuer:     RPC INC (RES)
CIK:        0000742278
Form:       8-K
Filed at:   2023-07-07T23:59:59+00:00
Accession:  0001654954-23-008918
Event type: m_and_a
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/742278/000165495423008918/0001654954-23-008918-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/742278/000165495423008918/res_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-23-008918

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