Salmon Drilling Company was established in 1988 by Mr. Tracy Salmon. Headquartered in Jacksboro, Texas, the company provides contract drilling services to its customers in the active Barnett Shale area of the Ft. Worth basin. In addition to the drilling company, Mr. Salmon operates G&S Drilling Fluids, providing the customer base with drilling mud service.
DAG was introduced to Salmon by a previous DAG client, and we were subsequently engaged to sell both companies. We undertook an extensive search of likely candidates, with Complete Energy Services, Inc. emerging as the successful acquirer.
Complete is a new platform company of SCF Partners, Houston, Texas. DAG delivered an attractive valuation comprised of cash, a note and stock in the acquiring company. Mr. Salmon accepted employment with Complete and will assume the additional responsibility of managing one of Complete’s other contract drilling subsidiaries.