Nabors Completes Enserco Acquisition

Sunday, April 28, 2002
Nabors Industries, Inc. last week completed the previously announced acquisition of Enserco Energy Service Company Inc., a Tonronto listed company. Gene Isenberg, Chairman and CEO of Nabors said, "I have been particularly impressed with the quality of Enserco's people and assets and look forward to integrating them into what is sure to be the best operation in Canada. The combined companies will possess the most modern and suitable fleet of rigs as well as the financial and technical resources to further expand. These enhanced capabilities will enable us to better fulfill our customers' requirements as they endeavor to find and develop what appears to be the most prospective natural gas province in North America. While the near-term business outlook is rather subdued I am confident the second half of this year will be the beginning of a much brighter longer-term future." Under the terms of the acquisition, a Canadian subsidiary of Nabors acquired all of the outstanding common shares of Enserco pursuant to a plan of arrangement pursuant to the Canada Business Corporations Act in exchange for approximately C$184 million in cash and approximately 3.55 million exchangeable shares of the Canadian subsidiary, of which approximately 2.64 million shares were immediately exchanged for shares of Nabors common stock in accordance with the instructions of the holders of those shares. The transaction adds approximately 193 Canadian service rigs and 30 drilling rigs to Nabors' portfolio of assets, and with the acquisition Nabors' assets now include over 530 land drilling and 933 land workover and well-servicing rigs worldwide, including 245 in Canada. Offshore, Nabors operates 44 platform rigs, 15 jack-ups, and three barge rigs in the domestic and international markets. Nabors also operates 30 marine transportation and support vessels in the Gulf of Mexico. In addition, Nabors manufactures top drives and drilling instrumentation systems and provides comprehensive oilfield hauling, engineering, civil construction, logistics and facilities maintenance, and project management services.
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

NAO Announces Financials, Declares Dividend

Nordic American Offshore Ltd. has declared a dividend of $0.45 per share for 3Q2014, as previously announced. This is the same dividend as for the previous two quarters.

First Libra Offshore Oil Well Confirms Discovery

Libra consortium reports that drilling the first well in the area extension of Libra, the 3-BRSA-1255-RJS (3-RJS-731), confirmed the discovery of good quality

Maersk Interceptor Named in Norway

In a ceremony held at GMC Marine Partners yard in Mekjarvik in Norway, Mrs. Anita Utseth, Senior Vice President in Det norske oljeselskab ASA (Det norske) had

Cruise Ship Trends

Eurodam Tops in USPH Inspections

Holland America Line’s ms Eurodam achieved a perfect score of 100 on a recent routine United States Public Health (USPH) inspection conducted by the U.S. Centers for Disease Control and Prevention.

Cruise Shipping: RCL's 'Quantum of the Seas' Delivered

First Ship of New Class for Royal Caribbean MEYER WERFT delivered the 167,800-gt cruise ship Quantum of the Seas to the U.S. cruise operator Royal Caribbean Cruises Ltd.

L-3 MSI Supplies Navigation for the Oasis Class

L-3 Marine Systems International (L-3 MSI) has been awarded a contract to provide its NACOS Platinum navigation system, including an integrated dynamic positioning system,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1812 sec (6 req/sec)