CALGARY, AB, July 29, 2021 /CNW/ - Ensign Energy Services Inc.
("Ensign") and Nabors Industries Ltd. ("Nabors") are pleased to
announce the completion of the purchase by Ensign of the fleet of
35 land-based drilling rigs owned by Nabors' Canadian subsidiary,
as well as related equipment, inventory, and real property (the
"Transaction"), for a purchase price of CDN $117,500,000 (approximately US $93,250,000). All closing conditions, including
the receipt of a "no-action letter" from the Competition Bureau
confirming that the Commissioner of Competition does not intend to
challenge the Transaction, were satisfied.
RH (Bob) Geddes, Ensign's
President and Chief Operating Officer, commented on the
acquisition: "We are thrilled to welcome our new employees to the
Ensign team and look forward to the smooth integration of both
field and office employees. With our now expanded high-spec
drilling fleet in Canada, we look
forward to leveraging these strong assets and the combined
knowledge and experience of our highly trained workforce in the
continuing delivery of high-quality performance, safety, and
service to our customers."
About Ensign
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 premium land-based drilling and well-servicing
contractors serving crude oil, natural gas, and geothermal
operators around the globe. Our premium services include contract
drilling, directional drilling, underbalanced and managed pressure
drilling, rental equipment, well servicing, and production
services. Please visit our website at ensignenergy.com.
Ensign's Common Shares are publicly traded through the
facilities of the Toronto Stock Exchange under the trading symbol
ESI.
About Nabors
Nabors is a leading provider of advanced technology for the
energy industry. With operations in approximately 20 countries,
Nabors has established a global network of people, technology and
equipment to deploy solutions that deliver safe, efficient and
sustainable energy production. By leveraging its core competencies,
particularly in drilling, engineering, automation, data science and
manufacturing, Nabors aims to help shape the future of energy and
enable the transition to a lower carbon world. Learn more about
Nabors and its 100-year history of energy technology leadership:
www.nabors.com.
Nabors' Common Shares are publicly traded through the facilities
of the New York Stock Exchange under the trading symbol NBR.
Advisory Regarding Forward-Looking Statements
Forward–looking information, or forward–looking statements, have
been included in this news release to provide information about the
Transaction. This information may not be appropriate for other
purposes. Forward–looking statements are typically identified by
words such as "subject to", ''anticipate'', ''expect'',
''project'', ''estimate'', ''forecast'', ''plan'', ''intend'',
''target'', ''believe'', "likely" and similar words suggesting
future outcomes or statements regarding an outlook. Forward–looking
information or statements in this news release include statements
with respect to the Transaction and expected regulatory approval
and satisfaction of all closing conditions.
Although Ensign and Nabors believe these forward–looking
statements are reasonable based on the information available on the
date such statements are made and processes used to prepare the
information, such statements are not guarantees of future
performance and readers are cautioned against placing undue
reliance on forward–looking statements. By their nature, these
statements involve a variety of assumptions, known and unknown
risks and uncertainties and other factors, which may cause actual
results and achievements to differ materially from those expressed
or implied by such statements. All subsequent forward–looking
statements, whether written or oral, attributable to Ensign, Nabors
and the Transaction are expressly qualified in their entirety by
these cautionary statements.
SOURCE Ensign Energy Services Inc.