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 June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

New Standard gets Revised Program for Cooper Basin Approved

New Standard Energy Limited (New Standard) advises that it has received approval for amendments to its five year work program in PEL570 in the Cooper Basin. As part of the revised program,

Floating Production: $1.2b Speculative FLNG Ordered

The floating production business continues to be very strong, particularly in the LNG gas processing sector.  Last month saw a speculatively ordered floating liquefaction plant – a $1.

FLNG Prelude: A New Dawn in the Age of Maritime & Energy

Longer than four football fields, as big as six Nimitz-class aircraft carriers and almost as tall as the Taipei 101 skyscraper, Royal Dutch Shell PLC is hoping that its record-setting,

Cruise Ship Trends

Holland America Line Offers ‘Explore 4’ Early Booking

Holland America Line knows the trend for savvy travelers is to book vacations well in advance. To encourage those early bookings the line is returning with its

Fred. Olsen's ‘Poison, Murder & Mystery Cruise’

Fred. Olsen Cruise Lines is proud to introduce a very unique cruise experience for Summer 2015, aboard its 880-guest ship Boudicca, the like of which guests

MTN Lands Cruise Line SatCom Contracts

MTN Communications (MTN) says that three cruise operators around the world have selected the company for its passenger, crew, corporate communications and content services.

 
 
Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators Sonar Winch
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: 0.1698 sec (6 req/sec)