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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter March 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Shipping Industry Flying On The Dragon’s Back

As the many Greek players in the shipping industry know well, the legend of Icarus tells us the dangers of flying too high. Merchant vessel earnings eventually

Subsea 7 Profits Dip in Q1

Subsea 7 S.A. announced its financial results for the first quarter ending March 31, 2016, reporting revenues of $746 million, down 37 percent from the prior year period.

Sembcorp Profit Halved as Clients Defer Projects

Revenue falls 30 pct; order book at S$9.7 billion. Singapore rig-builder Sembcorp Marine's quarterly profit halved as customers deferred projects, and it faces

Cruise Ship Trends

Holland America Line Kicks off Seattle's Record Cruise Season

The Port of Seattle begins the 2016 cruise season welcoming the first ship call, Holland America Cruise Line’s Nieuw Amsterdam. Larger vessels and more cruises

Norovirus Outbreak on Fred. Olsen Cruise Ship

An outbreak of the norovirus stomach bug has sickened 160 people aboard a Fred. Olsen Cruise Lines ship docked at Norfolk, Virginia, U.S. health officials and the company said on Friday.

Royal Caribbean's Revenue up 5.6%

Royal Caribbean Cruises Ltd reported a 5.6 percent rise in quarterly revenue, helped by higher passenger ticket revenue and onboard spending, sending the company's

 
 
Maritime Careers / Shipboard Positions Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | 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: 0.0672 sec (15 req/sec)