CHICAGO MRC Global Inc. has agreed to acquire energy services firm Production Specialty Services Inc., the company said Friday.
Midland, Texas-based Production Specialty Services, which supplies pipe, valves and other products to the oil and gas industry, will boost MRCs presence in the Permian Basin, one of the most active oil-drilling regions in the United States, MRC said. The terms of the deal were not disclosed.
Houston-based MRC said it will now have 23 branches and one major distribution center in the Permian Basin region, where more than 425 rigs operate.
The Permian Basin, which underlies much of west Texas and parts of southeastern New Mexico, has long been a source of oil in a region that accounts for most of the drilling activity in the United States. The Eagle Ford shale, which also contains oil, is located in southern Texas.
"This acquisition is part of MRCs continued commitment to support our customers growth in a major oil-producing region of the U.S.," MRC chairman, president and chief executive officer Andrew Lane said in a statement.
Production Specialty Services president Ronnie Crossland said the merger would allow the company to provide service to customers in the Permian Basin as well as in the Eagle Ford shale with a greater depth of products and services.
MRC said Crossland would be joining its regional management team.