KLX Energy Services Enters Coiled Tubing Market With Motley Acquisition

KLX Energy Services Holdings Inc. (NASDAQ: KLXE) said Oct. 22 it will enter the coiled tubing market through the acquisition of Motley Services LLC in a cash-and-stock transaction worth $148 million.

Motley Services is a provider of well completion services in the southwestern region of the U.S. with headquarters in the heart of the Permian Basin in Odessa, Texas. The company is primarily focused on providing high-quality large diameter coiled tubing services specializing in complex, longer lateral horizontal wells, in addition to wireline and thru-tubing services.

The acquisition of Motley will add large diameter coiled tubing services initially into KLX’s Southwest region, but the Wellington, Fla.-based company plans to eventually roll it out to the rest of its geographic regions, said Amin J. Khoury, the company’s chairman, CEO and president.