RES - RPC buys oilfield services company Spinnaker in $79.5M deal

2023-07-03 12:58:58 ET

RPC Inc. ( NYSE: RES ) shares rise slightly on Monday after announcing after Friday's market close that it agreed to acquire oilfield cementing services provider Spinnaker Oilwell Services for $79.5M.

Spinnaker operates two facilities in Oklahoma and New Mexico, and maintains 18 full-service cementing spreads.

RPC ( RES ) said the acquisition will significantly expand its cementing business from its presence in south Texas to basins where it already provides other services.

More on RPC Inc.:

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• Analysis: Shifting Sands: RPC In A Volatile Oil Market
• Stock price return: Down 17% YTD, up 3.5% in the past 12 months

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