Oilfield equipment and drilling services provider Complete Production Services said it will sell its rig relocation and heavy haul business for about $110 million as it looks to focus on production services.Complete Production, which in October agreed to be bought by bigger rival Superior Energy Services Inc, will divest I.E. Miller Services Inc to TFI Holdings USA Inc, a subsidiary of Canadian trucker TransForce Inc.Tudor, Pickering, Holt & Co Securities acted as the financial adviser.The Houston-based company's shares, which touched a year-low in October and rebounded to trade at more than twice the value, closed at $33.57 on Thursday on the New York Stock Exchange.
Complete Production Services, Inc. (Complete) provides specialized completion and production services and products that help oil and gas companies to develop hydrocarbon reserves and enhance production. Shares of CPX remained unchanged at $33.57. In the past year, the shares have traded as low as $18.84 and as high as $42.62. On average, 3055080 shares of CPX exchange hands on a given day and today's volume is recorded at 0.
Superior Energy Services, Inc. is a provider of specialized oilfield services and equipment. Shares of SPN remained unchanged at $28.64. In the past year, the shares have traded as low as $23.81 and as high as $42.87. On average, 2496820 shares of SPN exchange hands on a given day and today's volume is recorded at 0.
Source
