Service & Supply | Oilfield Services | Deals - Acquisition, Mergers, Divestitures
Ensign Acquires Nabors Canada Rig/Drilling Business
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Ensign Energy Services said it had acquired Nabors Canada rig business. The business consists of 35 land-based drilling rigs located in Canada, as well as related equipment and certain real property. Ensign will be funding the purchase price with cash on hand and available Credit Facilities.
Robert Geddes, Ensign’s President and Chief Operating Officer, commented on the Transaction: "The acquisition of Nabors’ assets in Canada provides Ensign an expanded fleet of high-spec drilling rigs along with highly technically trained crews, while expanding Ensign’s client base and providing cost synergies. Additionally, Nabors’ deeper high-spec fleet in Canada is equipped similarly to Ensign’s high-spec fleet, with automated drilling controls systems. This technical alignment, right at the drilling rig level, will help Ensign to accelerate the adaptation of more sophisticated drilling control systems that continue to drive innovation, creating value to our clients, all while reducing net emissions. Ensign looks forward to the Nabors’ employees becoming part of the Ensign team."
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