RE:CWC to buy CJ Energy service rigs/swabbing and coiled tubingNo coiled tubing assets, misread on my part. Also, taking ownership of 4 properties which have a carry val of 15M which makes the actual price only cheaper. No doubt, these are older service assets and some of the rigs will be scavenged for parts, further reducing the service rig fleet.
quote=LuckyLuch]I'm not sure about the quality of the assets but @ 37.5M it looks like a steal. CWC will now be the top service rigs co in the WCSB and added a swabbing div and more than double their coiled tubing assets. Brookfield will fully subscribe to the rights offering.
Consolidation in the space continues and wll eventaully lead to higher prices.
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