STEP Energy Services Ltd. Announces Ultra-Deep U.S. Coiled Tubing Acquisition & Changes to Executive Leadership Team

CALGARY, Alberta, Sept. 01, 2022 (GLOBE NEWSWIRE) -- STEP Energy Services Ltd. (the “Company” or “STEP”) is pleased to announce that its U.S. subsidiary, STEP Energy Services (USA) Ltd., has acquired four high-spec, ultradeep capacity coiled tubing units, ancillary equipment along with the divisional leadership and operational personnel from ProPetro Holding Corp. (“ProPetro”), a leading Permian Basin energy services company, for approximately $17.2 million CAD (the “Acquisition”). The Acquisition solidifies STEP as North America’s leading provider of deep capacity coiled tubing services, with a large footprint and deep expertise in the Permian Basin and other oil and gas producing areas in the southern U.S.

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