TIMCO: Houston oilfield services company acquires competitor

This year has seen a lot of energy companies cut capital budgets, overhead costs and head count, but an oilfield services company with major operations in Houston is breaking the mold. Frank's International NV (NYSE: FI) has entered a definitive purchase agreement to acquire a Massachusetts-based competitor, Timco Services Inc. Frank's intends to acquire Timco in a cash deal. Timco is a privately-held company that provides tubular running services and equipment to the energy industry in key regions…