Thursday, February 20, 2014

CanElson Drilling Inc. - CDI.t

CanElson Drilling Inc. - CDI.t is a leading provider of oilfield services.

Founded in 2008, CanElson is engaged in the manufacture and operation of drilling rigs in Canada’s Western Sedimentary Basin, the Permian Basin, North Dakota and the Ebano-Panuco-Cacalilao field near Tampico, Mexico.

On February 18, 2014 the company released News

"CanElson Drilling Inc. ("CanElson") (TSX:CDI) announced today that it has acquired Highkelly Drilling Ltd. ("Highkelly"), a private Canadian drilling company, that owns and operates two new AC electric triple drilling rigs in the Montney liquids rich natural gas resource play of northeast British Columbia (the "Acquisition"). CanElson has also agreed to construct a third new AC electric triple rig to be completed and delivered in Q3 2014. Separately, CanElson has renewed its syndicated credit facilities with extended terms and the potential for increased borrowing.

"This strategic acquisition accelerates CanElson's entry into the triple rig market and provides us with new state of the art efficient rigs, high quality experienced personnel and an immediate foothold with an active LNG customer in one of the most prolific liquids rich natural gas drilling regions in North America," said Randy Hawkings, CanElson's President and CEO. "Not only is the transaction accretive, but with our renewed credit facility, our recently completed equity financings and our strong balance sheet we remain well positioned for further growth opportunities with other LNG players and in plays requiring deeper rigs."