Petro-king Oilfield Services to Swap Old Fracturing Trucks for New Equipment; Shares Slip 7%

MT Newswires Live

Jan 20

Petro-king Oilfield Services (HKG:2178) said it plans to upgrade its fracturing equipment fleet through the acquisition of new equipment and the disposal of existing assets, according to a Monday Hong Kong bourse filing.

Shares of the oilfield technology services company were down more than 7% in Tuesday's late-morning trade.

The transaction involves the acquisition of new equipment for 124 million yuan and the disposal of existing equipment for 85.5 million yuan.

Its Chinese subsidiary, Petro-king Oilfield Technology, will purchase 15 new fracturing trucks and two instrument sleds, while selling 15 aging fracturing trucks and two instrument trucks to the same vendor.

The new equipment offers higher pressure capacity, longer operating time, improved automation, and lower fuel consumption, which are expected to enhance operational efficiency.

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