Subsequent Event

9 Months Ended

Sep. 30, 2018

Subsequent Events [Abstract]

Subsequent Event

Subsequent Event

On October 18, 2018, we entered into a sale and purchase agreement to sell our laboratory services business to Oil & Gas Labs, LLC, an affiliate of CSL Capital Management, L.P., for an aggregate purchase price of $205 million in cash, subject to customary post-closing working capital adjustments. The business to be sold includes our laboratory and geological analysis business, including substantially all employees, personnel and associated contracts related to the business. The transaction is expected to close before December 31, 2018, subject to receipt of regulatory approvals and third-party consents, as well as other customary closing conditions.

On November 1, 2018, we announced the closing of the first portion of the ADES transaction relating to our land drilling rig operations in Kuwait and received $123 million in cash. This closing is the first in a series of four closings, the majority of which are expected to be completed by year-end 2018.