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Select Energy Services has completed its acquisition of Nuverra Environmental Solutions, approved by major stockholders holding 84% of Nuverra's shares. Starting February 24, 2022, Nuverra's stock will cease trading. Stockholders received 0.2551 shares of Select for each Nuverra share. Select will also repay approximately $19 million of Nuverra's debt. This acquisition expands Select's water logistics capabilities and daily disposal capacity to over 2 million barrels per day, enhancing growth potential in targeted regions like the Bakken and Haynesville.
Select Energy Services announced that two major stockholders of Nuverra Environmental Solutions have approved the merger agreement, representing approximately 84% of Nuverra's common stock. The merger, set to close in Q1 2022, follows the SEC's declaration of effectiveness for the Registration Statement. Both companies aim to enhance service offerings in the oil and gas sector, with Select providing full-cycle water and chemical solutions, while Nuverra specializes in water logistics and environmental services.
Select Energy Services (NYSE: WTTR) has announced the acquisition of Nuverra Environmental Solutions (NYSE American: NES) for approximately $45 million, including the assumption of $20 million in long-term debt. The deal, approved by both companies' boards, is set to close in Q1 2022, pending Nuverra stockholder approval. This acquisition is expected to enhance Select's footprint in the water logistics sector, adding over 300,000 barrels per day of disposal capacity across multiple states. Additionally, Select has also completed the acquisition of HB Rentals for $1.5 million.
Nuverra Environmental Solutions (NYSE American: NES) reported a revenue increase to $24.8 million for Q2 2021, up from $24.5 million in Q2 2020. The net loss decreased to $3.9 million, aided by a $4.0 million PPP loan forgiveness. However, adjusted EBITDA fell to a loss of $0.2 million, down from a profit of $2.5 million, attributed to surging operational costs. Total liquidity stood at $12.4 million. Year-to-date revenue dropped by 22.4%, totaling $48.4 million, reflecting reduced water transport and disposal services amidst ongoing inflationary pressures and low drilling activities.
Nuverra Environmental Solutions reported a 38% decline in revenue for Q1 2021, totaling $23.7 million compared to $37.9 million in Q1 2020. The net loss narrowed to $7.6 million from $23.0 million. Adjusted EBITDA also fell, posting a loss of $0.8 million. Revenue decreases were driven by lower water transport and disposal services, with a significant decrease in rig counts across divisions. Total liquidity as of March 31, 2021, was $15.6 million, including $10.6 million in cash and $5.0 million available under the credit line.
Nuverra Environmental Solutions (NYSE American: NES) appointed Patrick L. Bond as CEO, effective April 21, 2021, succeeding Charlie Thompson, who remains Chairman. Bond, a petroleum engineer with over 30 years in oilfield services, previously held senior roles at Halliburton and Weatherford, and co-lead Gravity Oilfield Services. His expertise is seen as vital for navigating post-COVID challenges in the industry. Additionally, David J. Nightingale joined the Board, bringing relevant experience from Select Energy Services and Rockwater Energy Solutions, enhancing the company’s strategic insight.
Nuverra Environmental Solutions reported a net loss of $7.2 million for Q4 2020, a significant improvement from a loss of $37.5 million in Q4 2019. However, revenue for Q4 2020 fell by 35.4% to $24.1 million compared to $37.3 million a year prior. For the full year, revenue decreased to $110.3 million, down 34% from 2019. Adjusted EBITDA for the year was $7.3 million, down 58% from $17.4 million in 2019. The company had a total liquidity of $17.9 million as of December 31, 2020, aided by debt refinancing. The challenging market conditions are attributed to the economic impacts of COVID-19 and low commodity prices.
Nuverra Environmental Solutions (NYSE American: NES) has adopted a limited-duration stockholder rights plan to protect stockholder interests and maximize value. The plan intends to prevent any person or group from acquiring a control-like position in the company without negotiating with the Board. Rights will be issued to stockholders of record on January 4, 2021, expiring on December 21, 2021. The plan allows the Board to assess potential acquisitions thoroughly. If any group acquires 45% or more of the stock, rights become exercisable, allowing existing holders to purchase shares at an enhanced rate.
