06.10.2018 00:32:18

Nuverra Environmental Solutions To Buy Clearwater Solutions For $42 Mln

(RTTNews) - Nuverra Environmental Solutions, Inc. (NES) Friday said it agreed to buy Clearwater Solutions, an operator of saltwater disposal wells in the Marcellus and Utica Shale areas, for $41.9 million.

Charlie Thompson, Interim Chief Executive Officer said, "The Clearwater acquisition significantly improves our competitive position in the Northeast marketplace due to the added capacity of the new wells and logistical advantages for our trucking business."

The acquisition will more than doubles Nuverra's saltwater disposable well capacity in the region. Clearwater's disposal wells at the Clearwater Three and Clearwater Five locations offer several offloading lanes and disposal capacity of 17,500 barrels per day. Its locations are in Guernsey County, Ohio, which is in the heart of the regional oil and gas activity.

Nuverra's two largest shareholders have provided financing of $32.5 million in the form of a bridge loan that will be repaid with proceeds from a planned offering to shareholders of common stock purchase rights.

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