Oil & Gas Equipment & Services M&A » By The Online Investor Staff, updated Wed., Jul. 6, 10:05 AM
Recent mergers and acquisitions in the Oil & Gas Equipment & Services M&A category.
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Slide #43. CanElson Drilling Inc. — Highkelly Drilling Ltd.
Acquirer:
CanElson Drilling Inc. (CDI.CA)
Acquiree:
Highkelly Drilling Ltd.
Details:
CanElson Drilling Inc. ("CanElson") (TSX:CDI) announced today that it has acquired Highkelly Drilling Ltd. ("Highkelly"), a private Canadian drilling company, that owns and operates two new AC electric triple drilling rigs in the Montney liquids rich natural gas resource play of northeast British Columbia (the "Acquisition"). CanElson has also agreed to construct a third new AC electric triple rig to be completed and delivered in Q3 2014. Separately, CanElson has renewed its syndicated credit facilities with extended terms and the potential for increased borrowing.
CanElson Drilling is engaged in the construction of drilling rigs for its own use and sale and provides contract-drilling services to the oil and gas industry in Western Canada, the U.S. and Mexico. Co. supervises rig construction and commissioning, arranges bank and other financing for the construction of drilling rigs, arranges drilling contracts and acts as manager and operator of the drilling rigs.
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