One-Page Deal Sheet
Schlumberger Acquires Xtreme's Coiled Tubing Segment for C$205MM
Schlumberger Limited Xtreme Drilling and Coil Services Corp.
Announced Date
April 27,2016
Close Date
June 23,2016
Transaction Type
Asset
Location
Region
United States
Country
United States
Transaction Details: Require Private Equity Subscription
Closing Announcement - June 23, 2016
Xtreme Drilling and Coil Services Corp. reported that the previously announced sale of its XSR coiled tubing drilling and coiled tubing assets to Schlumberger for C$205 million has been completed. The proceeds are subject to an inventory closing adjustment and an escrow fund of C$10 million for a period of six months from the closing date of the Transaction to cover any potential claims.
In connection with the Transaction, the Company received requisite approval from its shareholders and will be changing its name from "Xtreme Drilling and Coil Services…
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