Forbes Energy Services (NYSE:FES) is selling almost all of its Mexico-based assets, including its equity interests in Forbes Energy Services Mexico Servicios de Personal, for $30 million.
The Alice, Texas-based independent oilfield services contractor said on Monday that it inked the deal with Dirivera Investments and RGV Holding.
John Crisp, the chief officer of Forbes Energy, said the deal is part of an effort to refocus on the competitive U.S. oil and gas market.
“We see an opportunity to fully capitalize on these trends and consequently, intend to reinvest proceeds from the sale to enhance our infrastructure in U.S. shale plays and diversify our service offering,” Crisp said.
Pending customary closing conditions, the transaction is slated to close by Jan. 15.