Mr. Greg Owens reports

KRUSE ENERGY CONDUCTS ITS LARGEST AUCTION OF 2017 IN ODESSA, TX

Ritchie Bros. Auctioneers Inc.'s Kruse Energy Auctioneers conducted its largest auction of the year last week, selling more than 1,500 equipment items and trucks for over $25-million (U.S.) in Odessa, Tex.

The two-day auction (Nov. 15 to Nov. 16, 2017) attracted bidders from 14 countries, including Thailand, Egypt, the Philippines and the Ukraine. On-line bidders purchased approximately 30 per cent of the equipment in the auction.

More than 180 items in the auction were sold for BJ Services, North America's largest pure-play pressure pumping services company. Increasing focus on its hydraulic fracturing and cementing service, BJ Services recently decided to close its U.S. coil tubing division, choosing to sell all its coil tubing assets with Kruse Energy.

"This auction really showcased the power of the combined Ritchie Bros. company," said Greg Owens, group president (new sectors and ventures), Ritchie Bros. "By working together, we were able to leverage the energy sector expertise and reputation of Kruse, the innovative on-line solutions of IronPlanet, and the marketing prowess and strong customer relationships of Ritchie Bros. to provide strong results for sellers."

David Long, president of Kruse Energy Auctioneers, added, "We attracted hundreds of new bidders for this auction, participating both on site and on-line, helping us achieve stronger equipment pricing and ultimately, record-breaking results."

Equipment highlights in the auction included 24 drilling rigs, 15 coiled tubing units, 15 double pumpers, 35 nitrogen pump units, six boom truck cranes, over 120 trucks, as well as gas compressors, water and well service equipment, vacuum trucks and trailers, and more.

"BJ Services is very pleased with the results from last week's auction," said Warren Zemlak, president and chief executive officer of BJ Services. "The Ritchie Bros./Kruse team was very supportive and informative from the point of consignment up to the point of sale, ensuring we were aware of the marketing efforts to make this a success."

Kruse Energy's next auctions will be held in Oklahoma City, Okla., on Dec. 6 to Dec. 7 and Montgomery, Tex., on Dec. 14. For more information, visit the company's website.

About Kruse Energy Auctioneers

Kruse Energy Auctioneers is a Ritchie Bros. solution, focusing on energy equipment-related auctions. As a full-service travelling auction company, it brings its services to the assets to help sellers avoid transportation costs. Throughout its over 25-year history the company has conducted auctions across the United States and 31 other countries. Kruse Energy maintains offices in Texas and Oklahoma and conducts approximately 30 auctions each year.

About Ritchie Bros. Auctioneers Inc.

Established in 1958, Ritchie Bros. is a global asset management and disposition company, offering customers end-to-end solutions for buying and selling used heavy equipment, trucks and other assets. Operating in a multitude of sectors, including construction, transportation, agriculture, energy, oil and gas, mining, and forestry, the company's selling channels include: Ritchie Bros. Auctioneers, the world's largest industrial auctioneer offers live auction events with on-line bidding; IronPlanet, an on-line marketplace with featured weekly auctions and providing its exclusive IronClad Assurance equipment condition certification; Marketplace e, an on-line marketplace offering multiple price and timing options; Mascus, a leading European on-line equipment listing service; and Ritchie Bros. Private Treaty, offering privately negotiated sales. The company also offers sector-specific solutions including GovPlanet, TruckPlanet, Kruse Energy Auctioneers and Cat auctions, plus equipment financing and leasing through Ritchie Bros. Financial Services.