(Source: Enservco)
Oilfield service company Enservco Corp. has sold its Colorado-based Heatwaves Hot Oil Service to HP Oilfield Services, the company said on Aug. 9.
Transaction consideration from HP was $1.69 million, consisting of $1.22 million in cash and a short-term note of $473,375. The note will be paid over five months from October 1, 2024 to February 1, 2025.
Divesting the heating business allows Enservco to redirect its resources, both financial and managerial, towards the transportation and logistics market servicing the broad energy sector. The company also announced that its acquisition of Buckshot Trucking is expected to close soon. This transaction will be the company’s first step into the logistics market.
Enservco will continue to provide both frac water heating and hot oil services across the Marcellus and Utica shales, where last year’s Rapid Hot acquisition improved operating results in the region.
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