ConServ announces that it has divested the assets (rigs and other well plugging and abandonment related equipment) of its Well Services Group to Diversified Energy Company, PLC and those assets will join Diversified’ s existing asset retirement subsidiary Next LVL Energy.
Commenting of the divestment, ConServ President Scott Freshwater stated: “After 52 years in the well servicing business, we believe now is the time to streamline the company and take the next step in ConServ’s evolution. The Well Servicing Group represented ~ 20% of ConServ’s total annual revenue and we believe we have abundant opportunities in the other markets that ConServ currently serves to make up that difference in the short term. I would like to thank our many Well Service Group employees for their dedicated service to the company and our many customers over the years for selecting ConServ’s Well Service Group as a vendor of choice. On behalf of ConServ, “THANK YOU”.