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The agreement to acquire the stake was announced in October, and included an option for Aker Solutions to purchase the remaining 30% of the company three years from now.
Houston-based Tri-Point acquired three oil and gas service companies with strong market positions within their regions, including the Anadarko, Denver-Julesburg, Permian and Eagle Ford basins.
Baker Hughes retains a minority stake in the new company, but analysts are skeptical the transaction was a fair bargain.
The new location offers comprehensive tubing inspection, reconditioning, repair and inventory management services to oil and gas operators in the Permian Basin.
Founded in 1963, Top-Co supplies oilfield casing, cementing and completion products to customers around the world. Terms of the transaction weren't disclosed.
The oilfield services company named CFO Krishna Shivram its interim CEO. Shivram will continue as CFO until that position is filled.
U.S. producers of sand used to extract oil from shale are raising prices due to stronger demand, a sign higher oil prices are improving the outlook for the domestic fracking industry.
The JV, anticipated to commence in second-quarter 2017, will leverage Nabors' established business in Saudi Arabia to begin operations, with a focus on the kingdom's existing and future onshore fields.
Updated: The merger makes strategic sense but GE's financial investment will yield 'so-so' economics, an analyst said.
General Electric said on Oct. 27 it was in discussion with the number three oilfield services provider Baker Hughes on potential partnerships.
Baker Hughes, which in May abandoned a merger with closest rival Halliburton due to opposition from antitrust regulators, said total costs and expenses fell 31.2% in the third quarter ended Sept. 30.
The company is gearing up to roll out its “rig of the future” next year as its Cameron Group looks for further subsea tieback growth opportunities.