Fort Worth-based FTS International announced today it has signed an agreement to acquire J-W Wireline Co., one of the largest independent cased-hole wireline companies in North America. The integration of FTSI’s existing wireline division and J-W Wireline will expand the wireline service and geographical reach of its offerings. FTSI’s wireline capacity will increase more than tenfold, and service will be extended to all locations where the company currently offers hydraulic fracturing services, including the Permian Basin; Eagle Ford, Marcellus, Utica and Haynesville shales; and various mid-continent plays.
With the integration of the two firms, FTSI will now offer vertical and horizontal (pump down) perforating, comprehensive cased-hole logging services including cement bond logs and production logging, slickline, braided line, tubing conveyed perforating (TCP), pipe recovery and mechanical services. “This acquisition gives us a national wireline footprint and aligns with FTSI’s strategic plans for future growth,” FTSI CEO Greg Lanham said. “This provides us the ability to offer a more comprehensive and efficient bundle of well completion services for our customers.”
J-W Wireline’s President, Perry Harris, will lead the combined FTSI wireline division. Harris brings more than 30 years of senior management experience in the oil and gas industry. “We look forward to becoming part of the FTSI team and believe this combination provides improved opportunities for our employees and expanded solutions for both J-W Wireline and FTSI customers,” Harris said in a news release. The acquisition includes a J-W Wireline manufacturing facility that will complement FTSI’s existing manufacturing capabilities. In addition, a J-W Wireline training facility is part of the deal and will be added to FTSI’s training program. The transaction is expected to close by the end of 2014. FTSI intends to pay for the acquisition from cash on hand and existing credit facilities, according to the company. The terms of the transaction are not being disclosed. – Robert Francis, rfrancis@bizpress.net