Ensign Energy Services Inc (TSX:ESI)
Shares Issued 163,118,758
Last Close 6/23/2021 $2.27
Thursday June 24 2021 - News Release
Mr. Robert Geddes reports
ENSIGN ENERGY SERVICES INC. AND NABORS INDUSTRIES LTD. - ANNOUNCE THE SALE OF NABORS' CANADIAN DRILLING ASSETS TO ENSIGN ENERGY SERVICES INC.
Ensign Energy Services Inc. and Nabors Industries Ltd., through their subsidiaries, have entered into an agreement for Ensign to acquire, subject to certain closing conditions and receipt of required regulatory approvals, Nabors's fleet 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."
Ensign is a global leader in oilfield services, headquartered out of Calgary, Alberta, operating in Canada, the United States and internationally. We are one of the world's top land-based drilling and well servicing contractors serving crude oil, natural gas, and geothermal operators. Our premium services include contract drilling, directional drilling, underbalanced and managed pressure drilling, rental equipment, well servicing and production services.
Nabors owns and operates one of the world's largest land-based drilling rig fleets and is a provider of offshore rigs in the United States and numerous international markets. Nabors also provides directional drilling services, performance tools, and innovative technologies for its own rig fleet and those of third parties. Leveraging its advanced drilling automation capabilities, Nabors highly skilled workforce continues to set new standards for operational excellence and transform the industry.
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