Key Energy Services, Inc. announced today that it has acquired all of Leader Energy Services Ltd. (Leader) United States-based assets for approximately $34.6 million in cash. Key will not assume any debt of Leader.
Leader U.S. has been a rapidly-growing provider of coiled tubing, nitrogen, cementing and acid services from locations in Jane Lew, WV, Minot, ND and Mt. Pleasant, MI. Leader has approximately 65 U.S. employees and operates nine coiled tubing units, seven nitrogen trucks, twelve pump trucks, and other ancillary equipment, much of which has been recently purchased. In addition, the Company anticipates integrating six state-of-the-art, high capacity coiled tubing packages, to be delivered this quarter, with Leader's on-going U.S. business to significantly expand the service capabilities of its Pressure Pumping operations.
