Canadian bulk trucking services provider Trimac Transportation has agreed to buy midstream oilfield service company Gibson Energy Inc.'s trucking division for $100 million.
Under the deal, expected to close later this year, Trimac Transportation will pay about $70 million for the trucking assets and its affiliate is to pay $30 million for property in Edmonton containing a field office and shop.
The move is expected to bring Gibson Energy's sale proceeds to about $325 million over the past year and will be used to expand its terminals in Canada and continue to build a similar operation in the Permian Basin in Texas.
Recently, Gibson Energy, which plans to spend $200 million to $250 million on capital projects this year, reported 2018 net income of $151 million on revenue of $6.8 billion, up from $44 million on $5.7 billion in 2017.