Nine Energy Service Divests Production Solutions Business

September 03, 2019 06:30 AM Eastern Daylight Time

HOUSTON–(BUSINESS WIRE)–Nine Energy Service, Inc. (“Nine” or the “Company”) (NYSE: NINE) today announced that it has sold its Production Solutions segment to Brigade Energy Services LLC (“Brigade”) for approximately $17 million in cash, subject to working capital adjustments. The transaction includes Nine’s fleet of 107 workover rigs, ancillary equipment and real estate associated with the 13 operating facilities throughout the United States. This divestiture will not impact Nine’s access to historic net operating losses. The transaction closed on August 30, 2019.

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