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Aveda Transportation and Energy Grows Market Share with Acquisition of Precision Drilling Corporation's U.S. Rig Moving Assets - Video News Alert Summary on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - June 17, 2014) - Aveda Transportation and Energ...
About this update from Aventis Energy Inc
[{"type":"text","content":"\nAveda Transportation and Energy Grows Market Share with Acquisition of Precision Drilling Corporation's U.S. Rig Moving Assets - Video News Alert Summary on InvestmentPitch.comVancouver, British Columbia--(Newsfile Corp. - June 17, 2014) - \nAveda Transportation and Energy Services (TSXV: AVE), a leading provider of oilfield hauling services and equipment rentals to the energy industry, continues to grow its market share, with the announcement that it has \nsigned an asset purchase agreement to acquire Precision Drilling Corporation's U.S. rig moving assets. \n\nInvestmentPitch.com has produced a \"video news alert\" discussing Aveda Transportation and Energy. If this link is not enabled, please visit \nwww.InvestmentPitch.com and enter \"Aveda\" in the search box. \n\n\n\n\nIf you cannot view the video above, please visit: \nhttp://www.investmentpitch.com/video/0_zi79nmz1/Aveda-Transportation-TSXV-AVE-to-Acquire-Precision-Drillings-US-Rig-Moving-assets \n\nA significant portion of Aveda's 2014 capital expenditure budget is being allocated to this US$24 million acquisition, which is expected to close on July 1st, subject to customary documentation and approvals. The rig moving equipment being \nacquired includes 13 bed/tandem trucks, 59 winch/conventional tractors, 69 trailers, and 12 cranes. \n\nKevin Roycraft, President and CEO of Aveda stated, \"Through this transaction we are acquiring a modern and well maintained fleet that shares the same specifications and equipment configuration as our current U.S. assets. This will support a \nsmooth integration into our operations and drive utilization. It also strengthens our relationship with Precision and we look forward to working with Precision on internal and customer rig moves in the future. Strategically, this will further reduce \nAveda's reliance on third-party equipment suppliers, helping to improve margins, and allow us to allocate equipment to both current and new operating areas to take advantage of high activity levels and further growth opportunities in certain \nregions.\" \n\nThe company expects to deploy these assets sometime in the third quarter of 2014. Management intends to increase planned capital expenditures for 2014 with an eye to funding additional growth initiatives and reducing the company's third party \ncosts. \n\nAveda provides specialized transportati...