Arctic Slope Regional Corporation Announces New Acquisition
After many months of planning and preparation, Arctic Slope Regional Corporation is pleased to announce the acquisition of Little Red Services, Inc. (LRS). LRS has been in operation for more than 30 years and provides "hot oil" and other well services on the North Slope.
"It's an exciting day for ASRC," said Rex A. Rock, Sr., president and CEO of ASRC. "I believe the nature of LRS' services positions the Company for long-term growth as North Slope producers seek to increase production, as a result of oil tax reform."
"I speak for LRS employees when I say we are excited to join the ASRC family of companies," added Doug Smith, LRS president and CEO. "ASRC and LRS have a shared commitment to the Alaska oil & gas industry, and I believe the combination of oil tax reform and the financial support of ASRC will allow LRS to expand and improve the services we have provided to North Slope producers for more than 3 decades."
As a wholly-owned subsidiary of ASRC, LRS will be operated separately from ASRC Energy Services, Inc. (AES). This operating structure will help to protect LRS' brand and allows the management teams at LRS and AES to focus on what they do best.
ASRC press release