CALGARY, April 4, 2016 /CNW/ – STEP Energy Services Ltd. (“STEP” or “the Corporation”), an ARC Financial Corp. sponsored company, is pleased to announce that the Corporation has entered into a definitive agreement to acquire the Canadian pressure pumping, coiled tubing and cementing assets of Sanjel Corporation (“Sanjel”). The acquisition will add 165,000 pressure pumping horsepower to STEP’s current fracturing fleet of 115,000 horsepower. The cementing assets will be operated separately under the leadership of Shane Hooker. The transaction will be facilitated through a court-monitored process. Closing of the transaction is expected to occur in May 2016.
“The quality of the assets and the highly regarded reputation that the Sanjel team has maintained with their clients is consistent with STEP’s strategy of operating modern fit for purpose equipment and delivering an exceptional client experience. The expanded fracturing fleet, together with our coiled tubing and pumping services offering, will position STEP as the largest private completion services company in Western Canada. This scale will allow us to service projects of any scope across the WCSB”, says Regan Davis, president and chief executive officer.
Headquartered in Calgary, Alberta, STEP Energy Services is a privately owned, technically focused, oilfield service company providing specialized coil tubing and pressure pumping services to the deep, horizontal well market in Western Canada and the Eagle Ford shale in south Texas.