Business
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. - Announce the sale of Nabors' Can...
About this update from Ensign Energy Services Inc.
[{"type":"text","content":"\n \n \n \n Ensign Energy Services Inc. and Nabors Industries ltd. - Announce the sale of Nabors' Canadian drilling assets to Ensign Energy Services Inc.\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n June 24, 2021\n \n /CNW/ - Ensign Energy Services Inc. (\"Ensign\") and Nabors Industries Ltd. (\"Nabors\") are pleased to announce that they, through their subsidiaries, have entered into an agreement for Ensign to acquire, subject to certain closing conditions and receipt of required regulatory approvals, Nabors' fleet of 35 land-based drilling rigs located in\n \n Canada\n \n , as well as related equipment and certain real property (the \"Transaction\"). Ensign will be funding the purchase price with cash on hand and available Credit Facilities.\n \n \n \n Robert Geddes\n \n , Ensign's President and Chief Operating Officer, commented on the Transaction: \"The acquisition of Nabors' assets in\n \n Canada\n \n 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\n \n Canada\n \n 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.\"\n \n \n Ensign is a global leader in oilfield services, headquartered out of\n \n Calgary, Alberta\n \n , operating in\n \n Canada\n \n ,\n \n the United States\n \n 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 eq...