W-H Energy Services plans to acquire Coil Tubing Services

By the OGJ Online Staff

HOUSTON, May 11 -- W-H Energy Services Inc., Houston, plans to acquire Coil Tubing Services LLC, Broussard, La., a coil tubing and related services provider.

Under terms of the agreement, W-H will pay $43 million in cash, common stock, and convertible subordinated notes, and assume $4.5 million in debt. The transaction is expected to close within 30 days.

Coil Tubing's management team and employees will be retained. Coil Tubing will be operated as a separate business unit, W-H said.

W-H Energy is a diversified oil field service company providing products and services for the drilling, completion, and production of oil and natural gas wells.