Wexford Capital has sold Great White Energy Services to Lime Rock Partners-backed Archer (OSE: ARCHER) for $630 million. The transaction price was reduced from the previously announced $742 million as a result of recent development in the financial markets. Great White provides pressure control, such as coil tubing and snubbing services, directional drilling and pressure pumping.
Since the beginning of 2008, PE investors have exited 78 companies primarily involved in the Energy industry, according to the PitchBook Platform. Although the Exploration, Production & Refining sector led the industry's exit activity from 2008 to 2010, Energy Services has snatched up the number one spot this year, accounting for over half of 2011's exit activity to date.