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 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Cargoship Disabled and Grounded in Dardanelles

General cargo vessel Ibrahim Konan  (7,618 dwt, built 2008) today (July 1) suffered rudder failure and ran aground in Dardanelles in front of Eceabat in Turkey,

Motion Compensation Solution for Solan Field

Ampelmann provides access solution for commissioning of the Solan project in West of Shetland   Motion compensated access solutions developer Ampelmann informs

US Issues Potential Setback to Shell's Arctic Drilling

The Obama administration issued a potential setback to Royal Dutch Shell's  Arctic oil exploration plans on Tuesday, telling the company that established wildlife

Cruise Ship Trends

Meyer Turku Wins TUI Cruises Order for 2 Ships

TUI Cruises GmbH and Meyer Turku Oy signed an agreement for two cruise ships. This order further strengthens the order book of the shipyard, which contains now a high work load until the year 2020.

Transnet Awards Bid for Cape Town Cruise Terminal

Transnet National Ports Authority awarded the V&A Waterfront (Pty) Ltd the status of Preferred Bidder for the development of a cruise terminal at the Port of Cape Town, Transnet said on Tuesday.

Cruise Ship Collides with Tanker off Gallipoli

A Celestyal Cruises ship suffered structural damage to its bow and was forced to dock at Turkey’s port of Gallipoli after it collided with the Marshal Islands-flagged

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Pod Propulsion Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.1142 sec (9 req/sec)