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Acquisition
3 Months Ended
Mar. 31, 2015
Business Combinations [Abstract]  
Acquisition
Acquisition

On March 11, 2015, Frank’s International, LLC, a Texas limited liability company (“Frank’s LLC”) and indirect wholly-owned subsidiary of FINV, entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”) to purchase all of the outstanding equity interests of Timco Services, Inc. ("Timco"), a Louisiana corporation with a strong presence in the Permian Basin and Eagle Ford Shale regions, in exchange for consideration consisting of (i) $75.0 million in cash, subject to customary adjustments as defined in the Purchase Agreement, and (ii) contingent consideration of up to $20.0 million, payable in two separate payments of $10.0 million based upon exceeding certain targets of the United States land rotary rig count, as reported by Baker Hughes, over prescribed time periods. In addition, Frank’s LLC agreed to make a tax reimbursement payment of $8.0 million in connection with the closing of the transaction as a reimbursement of estimated additional tax costs the sellers may incur as a result of the transaction structure.

The transaction closed on April 1, 2015. Each party agreed to indemnify the other for breaches of representations and warranties, breaches of covenants and certain other matters, subject to certain exceptions.