Quintana Energy Services Inc. (“QES”), has outlined its plan to merge with the Nasdaq listed U.S. onshore oilfield services company KLX Energy Services Holdings Inc. (“KLXE”) in an all-stock transaction. KLXE and QES plan to combine their services, establishing an industry-leading provider of asset-light oilfield solutions across the full well lifecycle including drilling, completing and production related products and services.

Archer currently owns approximately 28.1% of the shares in the NYSE listed oilfield service company QES.  Archer believes the Transaction will create value for all stakeholders and has entered into a voting- and support agreement in favour of the Transaction. Following a successful closing of the Transaction, Archer will own approximately 11.5% of the combined company. The closing of the merger is conditioned, amongst other, by shareholder approval in both QES and KLXE. 

KeyFacts Energy Industry Directory: Archer