OMNI Energy Services Corp., an environmental services provider to the oil and gas industry, finally settled to be vended out for approximately $66.3 million to an affiliate of Wellspring Capital Management LLC.

The offer price of $2.75 is at a 29.7 percent premium to OMNI's Thursday closing price of $2.12 on Nasdaq. The stock was up by 22% before the bell on Friday.

Wellspring would shell out OMNI shareholders $122 million in cash, as well as debt, OMNI said in a declaration.

The deal will be able to benefit shareholders of the debt-laden corporation, particularly in light of the doubtful markets after seeing the unprecedented drop in end markets in 2009 and the continued existing indecision in the Gulf of Mexico, CEO Brian Recatto said.

The transaction agreement permits OMNI to vigorously solicit other probable bidders until July 16. In case of an improved bid, the termination fee would comprise of a break-up fee of almost $1.8 million and expenses of up to $0.75 million, the corporation said.