Basic Energy Services Enters Two Acquisition Agreements

Basic Energy Services Inc., Midland, Texas, (NYSE: BAS) has entered into two asset-purchase agreements for approximately $26 million in cash. The company's wholly owned subsidiary, Basic Marine Services Inc., plans to purchase two barge-mounted workover rigs and related equipment from Parker Drilling Offshore USA LLC, a wholly owned subsidiary of Parker Drilling Co. (NYSE: PKD). The rigs operate in the inland waters of Louisiana and Texas, will be integrated into Basic Marine Services' existing operations and will double its barge-mounted workover rig fleet to a total of four. Basic also plans to purchase substantially all of the operating assets of Hobbs, New Mexico-based Davis Tool Co. Inc. Davis provides rental and fishing tool services in eastern New Mexico and will be integrated into Basic's Rental and Fishing Tool Division, increasing the company's presence in eastern New Mexico. Both acquisitions are expected to be completed by the end of January.