Business
Ensign Energy Services Inc. Announces Closing of its Recent United States Oilfield Services Acquisition
CALGARY, Sept. 1, 2011 /CNW/ - Ensign Energy Services Inc. (" Ensign " or the " Company ") is...
About this update from Ensign Energy Services Inc.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Sept. 1, 2011 /CNW/ - Ensign Energy Services Inc. (\"Ensign\" or the \"Company\") is pleased to announce that it has completed the previously announced\n acquisition of the land drilling division of Rowan Companies, Inc. (\"Rowan Land Drilling\").  The transaction, which is effective and closed on September 1,\n 2011, expands the Company's United States oilfield services operations\n into the southern United States market.  The drilling rig fleet\n consists of 30 deeper capacity electric land drilling rigs that are\n well suited for extended-reach drilling in the oil and natural gas\n resource plays of Texas, Louisiana, Arkansas, Alabama and Oklahoma.\n\n\nRowan Land Drilling was acquired for USD$510 million and provides Ensign\n with a substantial presence in the southern United States market. The\n purchase price was funded through the Company's existing working\n capital, available lines of credit and a new term facility of USD$400\n million.\n\n\nEnsign is pleased that the Rowan Land Drilling operations team led by\n Mr. Danny Patterson, Vice President of Rowan Land Drilling, has joined\n the Company.  Their operating expertise with this equipment in these\n key energy producing areas will enable Ensign to continue to provide\n its existing and new customers with high quality drilling services. \n This new division will give Ensign an excellent base from which to\n service the strategically important oil and natural gas resource areas\n in the southern United States.\n\n\nThe completion of this transaction increases Ensign's United States\n based drilling rig fleet to 115 rigs and gives the Company a total\n global drilling rig fleet of 340 marketed drilling rigs.\n\n\nEnsign Energy Services Inc. is an international oilfield services\n contractor based in Calgary, Alberta.  Ensign's common shares are\n publicly traded through the facilities of the Toronto Stock Exchange\n (TSX: ESI).\n\n\n","length":2160,"tagName":"div"}]