RPC, Inc. acquires Spinnaker Oilwell Services for $79.5M

RPC, Inc. announced the acquisition, effective July 1, of Spinnaker Oilwell Services. Spinnaker, headquartered in Oklahoma City, Oklahoma, operates two facilities located in El Reno, Oklahoma and Hobbs, New Mexico and maintains 18 full-service cementing spreads. The purchase price was $79.5M in exchange for 100% of Spinnaker’s equity. The transaction consideration consisted of approximately $77M of cash, and the $2M payoff and $0.5M assumption of capital lease liabilities. The agreement contains a post-closing adjustment window for an agreed-upon level of Spinnaker’s working capital, as well as other usual and customary items.