Subsidiaries of oil services company Baker Hughes Inc. (NYSE: BHI) have signed an agreement to sell a package of assets including two stimulation vessels (the HR Hughes and Blue Ray) and certain other assets used to perform sand control and stimulation services in the US Gulf of Mexico to a subsidiary of Superior Energy Services Inc. (NYSE:SPN).
The agreement, subject to approval of the US Department of Justice and other customary conditions, is expected to be completed by the end of July 2010.
Once the transaction is completed the Hold Separate Stipulation and Order will terminate and the company will be free to complete the integration of BJ Services US operations with Baker Hughes' US operations.
In August 2009, the two companies agreed to merge in a transaction valued at $5.5 billion for BJ Services.