CanElson to buy Calmena's contract drilling rigs, other assets for $15 million | iNFOnews | Thompson-Okanagan's News Source

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CanElson to buy Calmena's contract drilling rigs, other assets for $15 million

July 22, 2013 - 6:07 AM

CALGARY - Calmena Energy Services Inc. (TSX:CEZ) has agreed to sell its remaining Canadian contract drilling assets for $15 million to CanElson Drilling Inc. (TSX:CDI).

CanElson says the three rigs it's acquiring from Calmena are fully crewed and currently contracted, with two of them operating in Alberta.

The all-cash deal is not subject to CanElson obtaining financing, and is expected to close by Wednesday.

Calmena has been exploring its strategic alternatives and announced Monday it divested some of its other Canadian contract drilling assets in two separate and unrelated transactions in the second quarter for a total of $3.4 million.

Calmena also provides well construction services to customers the United States, Latin America, the Middle East and North Africa.

Calmena's agreement with CanElson includes an AC electric tele-double pad drilling rig, two single rigs and spare equipment as well as land and building located in Leduc, Alta.

CanElson says the acquisition of those rigs and retention of the crews expands its service offering to provide additional pad drilling services and horizontal oil drilling with new customers.

The Calgary-based containerized natural gas transport company also said Monday that the number of operating days and utilization was lower in the second quarter in Canada because of an extended spring break up period due to higher than normal precipitation levels and heavy snow pack.

In the United States, the number of operating days increased due to a higher average rig fleet size as well as certain of the North Dakota rig fleet operating through spring break up.

News from © The Canadian Press, 2013
The Canadian Press

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