Jun. 11, 2015, 11:19 AM
- Trinidad Drilling (OTCPK:TDGCF) agrees to acquire CanElson Drilling (OTC:CDLRF) for cash and shares valued at ~C$505M, including the assumption of C$36M in CanElson debt, in a bid to save costs amid slumping oil prices.
- The combined company will operate one of the newest and largest fleets of oil and gas drilling rigs in North America with a combined total of 163 gross land drilling rigs, including eight international rigs under Trinidad’s joint venture.
- RBC analysts say they view the acquisition favorably, as it deleverages Trinidad’s balance sheet and raises its utilization in its core Canadian market.
Currently, there's no company description for TDGCF.
Sector: Basic Materials
Industry: Electric Utilities