Reliance Oilfield Services, LLC (“Reliance”) announced the execution of a definitive acquisition agreement where Reliance will acquire assets within FMC Technologies, Inc.’s wireline services business in Canada and the United States. Specific financial terms of the transaction were not disclosed.

Reliance intends to offer employment to most of the employees within the business.

According to Austin Roberts, Reliance President and CEO, the acquisition complements the company’s existing operations and puts Reliance in some of the most attractive oil and gas basins in North America.

“This is a compelling transaction because it is aligned with our company’s vision to have the highest caliber teams in each of our operating areas,” said Roberts. “We’re building our company on great people, and that’s what this deal is really about.

“In addition, through our valued partnership with Edge Natural Resources (a Dallas-based private equity firm), we are able to retain a healthy balance sheet and position ourselves to take advantage of a difficult time in the industry.”

Roberts also expressed excitement that Brad Gabel, under whose leadership much of FMC Technologies’ legacy wireline business was built, is joining Reliance as Executive Chairman of the Board.

“FMC Technologies’ highly experienced wireline management team that is joining Reliance brings excellent relationships with both operational staff and customers,” said Mr. Gabel. “I’m enthusiastic about the opportunity to have the expanded Reliance team to provide a platform to meet our customers’ current needs and grow as market conditions improve.”

The acquisition is subject to certain approvals and is expected to be completed during the second quarter of 2016.

About Reliance Oilfield Services

Reliance Oilfield Services focuses on providing drilling and completion services to the oil and gas industry, always delivered with the highest possible level of assurance and service. Our high performance culture has given us a strong focus, and through it, we are able to maintain towering standards of performance and quality in the industry. As far as we’re concerned, the job isn’t done unless it’s done right.

About FMC Technologies

FMC Technologies, Inc. (NYSE: FTI) is the global market leader in subsea systems and a leading provider of technologies and services to the oil and gas industry. We help our customers overcome their most difficult challenges, such as improving shale and subsea infrastructures and operations to reduce cost, maintain uptime, and maximize oil and gas recovery. Named by Forbes® Magazine as one of the World's Most Innovative Companies in 2013, the company has approximately 18,500 employees and operates 24 production facilities in 14 countries.