Update Subscription
Marketing Services
Article Reprints

April 2007

OMNI Energy completes acquisitions

Omni Energy Services Corp. announced that it has completed the previously announced acquisition of Charles Holston, Inc. (CHI) for $18 million of cash and $5 million of promissory notes. The promissory notes accrue interest at a rate of 5% per annum and mature at various dates over a 3-year period.

OMNI also announced that it had completed the previously announced acquisition of certain assets of Cypress Energy (Cypress) for approximately $10.1 million, including approximately $7.1 million of cash and a $3 million promissory note. The promissory note matures three years from the date of acquisition and accrues interest at a rate of 5% per annum.

CHI, with approximately 250 employees and corporate offices in Jennings, Louisiana and dockside facilities in Cameron and Fourchon, Louisiana, provides a full range of environmental services including transportation of non- hazardous oilfield byproducts, such as salt water and spent drilling fluids; NORM surveys, cleaning and waste disposal; tank degreasing and demolition; rig pit cleaning; oilfield waste disposal; hydro blasting; dockside and offshore cleaning; and offshore sandblasting and painting. For fiscal 2006, CHI reported pro forma EBITDA of $5.0 million on revenues of $29.4 million.

Headquartered in Houston, Texas, Cypress currently employs approximately 225 people in two business segments, seismic services and employee leasing. The acquisition includes the assumption of approximately $20 million of seismic drilling contracts. For fiscal 2006, Cypress reported EBITDA of $2.6 million on revenues of $ 23.7 million.

877-777-0737    •     Fax 419-931-0740     •     118 E. Third Street, Suite A   Perrysburg, OH 43551
© Copyright 2007 AR Publishing Co. All rights reserved. Any reproduction of content requires written permission.