Home | Business News | Ensign Energy announces U.S. operations expansion

Ensign Energy announces U.S. operations expansion

ABJ - July 20 - Ensign Energy Services Inc. has announced that it has entered into a definitive agreement to acquire the land drilling division of Rowan Companies, Inc., for US$510 million plus working capital, payable in cash on closing, which is expected to occur following the receipt of all necessary regulatory approvals.

Rowan Land Drilling owns and operates 30 deeper capacity electric land drilling rigs, all of which are equipped with top drives, in the southern United States.

The acquisition by Ensign of Rowan Land Drilling will provide Ensign with a substantial presence in the southern United States, complementing Ensign’s existing United States operations in the Rocky Mountain region and California.

Rowan Land Drilling has experienced and professional personnel operating one of the newest AC horizontal premium drilling rig fleets in the business, as over one-half of the drilling rigs were constructed in the last five years and many of the drilling rigs are equipped with automated pipe-handling capabilities.

The purchase price will be funded through Ensign’s existing working capital, available lines of credit and a new term facility of up to US$400 million from the company’s bankers, HSBC.

The addition of the Rowan Land Drilling business to Ensign’s existing operations in the United States will enhance Ensign’s ability to capitalize on strengthening industry fundamentals in the United States and to access a diverse customer base in the increasingly important oil and natural gas resource plays of the southern United States. The quality and experience of the personnel and the excellent safety and operational performance of the Rowan Land Drilling business, will allow Ensign to continue to provide its existing and new customers with high value drilling services.

Upon completion of the transaction, Ensign’s global drilling rig fleet will increase to 340 marketed drilling rigs, with 115 drilling rigs located in the United States.

Business in Action

National Forming Systems

image
National Forming Systems is a global leading construction engineering firm and formwork supplier of concrete forming products. Established in 1986, ...
Full article  | View Brochure

S-5!® Canada

image
Colorado-based S-5!® has taken the metal roofing attachment solution industry from a business to a science.As a worldwide manufacturer and ...
Full article  | View Brochure

Oakwood Worldwide

image
Oakwood Worldwide® is the world’s leading provider of corporate housing and serviced apartment solutions. Covering a range of accommodations, Oakwood ...
Full article  | View Brochure

Blue Force Global

image
In military jargon, “blue force” stands for a friendly force, and in 2005, Serge E. Vidalis founded Blue Force Global ...
Full article  | View Brochure

Instant Imprints

image
“With us, you come to one place and can put your logo on a building, a bus, a golf ball, ...
Full article  | View Brochure

Carbone Auto Group

image
In 1929, Joseph Carbone, a 19-year-old from East Utica, N.Y., decided to invest his life savings to start his own ...
Full article  | View Brochure

Naleway Foods

image
Naleway Foods started out as a small family business in Winnipeg in the 1940’s. The company went through years of ...
Full article  | View Brochure

Point Zero

image
Founded in 1979, born in the heart of Montreal’s garment district, Point Zero has grown to the No. 1 Canadian ...
Full article  | View Brochure

SnowBear Plows Inc.

image
SnowBear Plows Inc., the leading North American manufacturer of personal and light commercial snowplows and related accessories, has been building ...
Full article  | View Brochure

Onward Cluthé

image
Onward Cluthé comes from a line of successful businesses under the umbrella of Onward Multicorp, a company with a history ...
Full article  | View Brochure

Supermetal

image
Supermetal is a leading specialty contractor that supplies, fabricates and erects complex industrial works, signature institutional projects and high-end commercial ...
Full article  | View Brochure

Net Cyclops Inc.

image
Established by two dynamic business partners in 2000, NCI (Net Cyclops Inc.) is an IT security and networking firm that ...
Full article  | View Brochure

Belt Conveyor Guarding

image
Belt Conveyor Guarding has changed the way customers and the industry sees the importance of safety guarding. “One of our ...
Full article  | View Brochure

Biorem

image
Biorem is a leading clean-tech designer, manufacturer, and distributor of high-efficiency, air emission control systems.Efficient TechnologyBiorem utilizes a biological oxidation ...
Full article  | View Brochure

Black Fly Beverage

image
Since Day 1, Black Fly Beverage Company has offered blended pure juice, vodka and tequila alcoholic beverages that are not ...
Full article  | View Brochure
  • email Email this article
  • print Print
  • Plain text Plain text