M&A Deal Summary

Covenant Testing Technologies Acquires Key Energy Services - Frac Stack & Well Testing Assets

On June 13, 2017, Covenant Testing Technologies acquired energy services and equipment company Key Energy Services - Frac Stack & Well Testing Assets from Key for 24M USD

Acquisition Highlights
  • This is Covenant Testing Technologies’ 1st transaction in the Energy Services and Equipment sector.
  • This is Covenant Testing Technologies’ largest (disclosed) transaction.
  • This is Covenant Testing Technologies’ 1st transaction in the United States.
  • This is Covenant Testing Technologies’ 1st transaction in Texas.

M&A Deal Summary
Date 2017-06-13
Target Key Energy Services - Frac Stack & Well Testing Assets
Sector Energy Services and Equipment
Buyer(s) Covenant Testing Technologies
Sellers(s) Key
Deal Type Divestiture
Deal Value 24M USD

Target

Key Energy Services - Frac Stack & Well Testing Assets

Houston, Texas, United States
Key Energy Services, Inc. - Frac Stack & Well Testing Assets comprises a complete range of well intervention services and has operations in all major onshore oil and gas producing regions of the continental United States.

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Buyer(S) 1

Buyer

Covenant Testing Technologies

The Woodlands, Texas, United States
Category Company
Founded 2013
Sector Energy Services and Equipment
DESCRIPTION

Covenant Testing Technologies provides flowback and well testing services with a special focus on horizontal and pad drilling for the upstream oil and gas services industry. Covenant Testing Technologies was founded in 2013 and is based in The Woodlands, Texas.

DEAL STATS #
Overall 1 of 2
Sector (Energy Services and Equipment) 1 of 2
Type (Divestiture) 1 of 1
State (Texas) 1 of 2
Country (United States) 1 of 2
Year (2017) 1 of 1
Size (of disclosed) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-18 Stuart Pressure Control

The Woodlands, Texas, United States

Stuart Pressure Control provides flowback services and related pressure control equipment and services to E&P customers, primarily in South Texas (Eagle Ford Shale), East Texas (Haynesville Shale), Arkansas (Fayetteville Shale) and Ohio (Utica Shale). The Company provides high pressure equipment to handle various services required during the completion and production of oil and gas wells.

Buy -

Seller(S) 1

SELLER

Key

Houston, Texas, United States
Category Company
Founded 1977
Sector Energy Services and Equipment
Employees2,000
Revenue 414M USD (2019)
DESCRIPTION

Key is an onshore, rig-based well servicing contractor based on the number of rigs owned. Key provides a complete range of well intervention services and has operations in all major onshore oil and gas producing regions of the continental United States and internationally in Mexico and Russia. Key was founded in 1977 and is based in Houston, Texas.

DEAL STATS #
Overall 1 of 3
Sector (Energy Services and Equipment) 1 of 2
Type (Divestiture) 1 of 3
State (Texas) 1 of 2
Country (United States) 1 of 2
Year (2017) 1 of 2
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-08-08 Summit Oilfield Services

Sibley, Louisiana, United States

Summit Oilfield Services LLC provides well testing services, rental equipment such as pumps and power swivels, and oilfield fishing services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-30 Advanced Measurements

Calgary, Alberta, Canada

Advanced Measurements, Inc. is a designer and production of oilfield service data acquisition, control and information systems. Advanced Measurements was founded in 1989 and is based in Calgary, Alberta.

Sell -
Mergr

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