News : Business : Allis-Chalmers buys Petro Rentals

Allis-Chalmers buys Petro Rentals

Wednesday, 18-Oct-2006 12:59PM EDT
Story from United Press International. Copyright 2006 by United Press International (via ClariNet)

HOUSTON, Oct. 18 (UPI) -- Allis-Chalmers Energy Inc. said Wednesday it paid $29.8 million to buy Petro Rentals Inc., which is based in Broussard, La.

The cash-and-stock deal was funded, partly, with cash on hand remaining from its recent equity and debt securities offerings.

With division offices in Broussard, Houma and Arcadia, as well as Alvin, Texas, the 19-year-old Petro Rentals serves both onshore and offshore markets by providing tools and equipment and services.

Allis-Chalmers is a Houston oilfield services company that provides services and equipment to oil and natural gas exploration and production companies, throughout the United States, Argentina and Mexico.

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