Companies expect deal to close in Q4.
Drillers and service companies are rehiring staff and redeploying equipment after cutting costs to the bone during the downturn.
Forecast calls for 4,175 wells to be drilled in Canada next year, up about 6% over 2016.
Cuts were to administrative and field staff and include corporate positions in both Calgary and Houston.
Oilfield services giant posts Q1 loss of $643 million.
Charges resolve a yearslong investigation into allegations the company illegally conducted business with Sudan and Iran.
Layoffs follow a hiring freeze imposed in December and the suspension of salary increases.
Announcement comes as the oilfield services industry and energy producers grapple with a dramatic decline in oil prices.
Pipeworx will be an operating unit of PLH Group Inc., an oilfield services firm.
Acquisition will add to the Russel’s energy tubular segment.