FINWIRES · TerminalLIVE
FINWIRES

KLX Energy Services Buys Assets of Wolfpack Rentals for $17 Million

By

KLX Energy Services (KLXE) acquired the assets of surface rental solutions provider Wolfpack Rentals for $17 million, the company said late Tuesday.

The deal is expected to be immediately accretive across all KLX's financial metrics, the company said.

The purchase price includes $14 million paid at closing and two deferred payments of $1.5 million each due six months and 12 months after closing, subject to customary post-closing adjustments, the company added.

KLX said the deferred payments may be made in cash or shares of its common stock at the company's sole discretion.

Shares of KLX were up 2.3% in after-hours activity.

Related Articles

Equities

SBM Offshore, Solstad Offshore to Order New Installation Vessel via JV

SBM Offshore's (SBMO.AS) joint venture with Solstad Offshore (SOFF.OL) entered into a letter of intent for the potential acquisition of a new deepwater installation and construction vessel.The vessel will be acquired from an unnamed shipyard, according to a Monday release. Based on the ownership structure of the joint venture, Dutch offshore floating production company SBM will own 49.9% of the new vessel, while Norwegian offshore shipping company Solstad will own the remaining 50.1% interest.The target delivery date for the new vessel is the first half of 2029. SBM said the vessel may be chartered to third parties when not in use for its installation projects.

$SBMO.AS$SOFF.OL
Equities

UK Regulator Finds No Evidence of Fuel Price Manipulation But Flags Weak Competition

Britain's Competition and Markets Authority has found no evidence that retailers alerted fuel pricing strategies to exploit the Middle East crisis, but warned that lower competition in the sector continues to leave drivers paying more, Reuters reported Monday.The CMA said elevated wholesale prices linked to the US-Israel war in Iran, which began in February, explain most of the rise in pump prices through March and into April. The regulator said it would closely monitor whether any improvement in supply conditions is passed on to consumers."While our analysis shows the rise in wholesale prices is the main reason for higher fuel prices, we remain concerned about weak competition in the sector leaving drivers paying more," CMA chief Sarah Cardell said.

Equities

EU May Keep Russian Oil Price Cap Unchanged to Pressure Moscow

The European Commission may propose keeping the G7 price cap on Russian crude oil unchanged at about $44 per barrel during its July review, as it seeks to limit Moscow's oil revenues despite a recent surge in global energy prices, Reuters reported Monday, citing EU diplomats.The proposal is being discussed as part of the European Union's forthcoming 21st sanctions package against Russia over its war in Ukraine.Western governments introduced the cap in late 2022 to reduce Russia's energy income while avoiding disruptions to global oil markets.Under the system, countries can purchase Russian oil using Western shipping and insurance services only if the crude is sold below the price cap.Reuters reported that the Commission is also considering a proposal to prevent any future price review from raising the cap above $60 per barrel, even if global oil prices remain elevated.