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Latest Headlines
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Dec 8, 2009 8:22:00 AM MST
Total Energy to buy oilfield services business operated by DC Energy (Total-Energy)
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CALGARY _ Total Energy Services Inc. (TSX:TOT) says it has agreed to pay $44.5 million, subject to adjustments, to buy the oilfield services, rental and transportation business currently conducted by DC Energy Services Inc. of Calgary.
DC Energy is a privately held company that operates business throughout western and northern Canada and Alaska through seven primary locations and several satellite locations and currently employs approximately 135 people.
Calgary-based Total said DC´s business assets are complementary to its existing equipment fleet.
Total said it will make offers of employment to "substantially all" of DC´s employees and increase the size of its rental equipment fleet by 80 per cent through the acquisition. It will also increase its heavy truck fleet by 27 per cent.
Total said its letter of agreement calls for it to buy 3,600 pieces of rental equipment, 20 heavy trucks and 59 trailers and inventories. The only assets excluded from the deal are DC´s land and buildings.
Total currently owns and operates approximately 4,500 pieces of rental equipment, 74 heavy trucks and 131 trailers
Of the purchase price, $32 million is to be paid in cash at closing, with $12.5 million to be paid through the issuance of convertible unsecured debentures of Total. The cash portion will be funded through bank debt.
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