Seventy Seven Energy Inc. Sells Hodges Trucking Company

Seventy Seven Energy Inc. (NYSE:SSE) has announced the execution of a definitive agreement to sell Hodges Trucking Company, L.L.C. to a wholly-owned subsidiary of Aveda Transportation and Energy Services Inc. (TSX-V:AVE).

Hodges currently operates and owns approximately 900 pieces of rig moving and heavy haul equipment, including approximately 200 haul trucks, 400 trailers, 70 bed/pole trucks, 35 cranes, 40 forklifts/loaders and 160 service vehicles.

“Hodges is the premier rig hauling company in North America and this transaction will allow them to better focus on their business while enabling us to concentrate on our core business segments,” Chief Executive Officer Jerry Winchester said.

The transaction, which is expected to close on June 15, 2015, is subject to a number of standard conditions precedent to closing.

Headquartered in Oklahoma City, SSE provides a wide range of wellsite services and equipment to U.S. land-based exploration and production customers operating in unconventional resource plays. SSE’s services include drilling, hydraulic fracturing, oilfield rentals and rig relocation.

Category: Featured, General Update