Dive Brief:

• Clean Harbors Inc. announced that it is spinning off its oil and gas field services unit into a standalone public entity.
• The hazardous waste disposal and energy services firm said it reached the decision after completing a strategic review.
• The company’s lodging drill camps business will be included in the new entity. 

Dive Insight:

The assets involved in the restructuring produced approximately $250 million in revenue during the first nine months of 2014. In addition, Eric Gerstenberg was appointed as chief operating officer of the company. Gerstenberg most recently served as Clean Harbors' president of  environmental, industrial, and field services. 

Oil field waste removal is seen as a growth industry. Analysts predict waste management services in this sector will increase exponential, reaching an estimated market size of $30 billion per year.