Seawell to acquire Allis-Chalmers Energy
Posted: 13 August 2010
Seadrill's majority owned subsidiary Seawell Limited and Allis-Chalmers Energy Inc. reported their Boards of Directors have unanimously approved a definitive merger agreement providing for the acquisition of Allis-Chalmers by Seawell in a transaction valued at approximately US$890 million (including assumed debt).
The combined company will have approximately 6,500 employees and is projected by equity research analysts to have an estimated revenues of US$1.3 billion and a contribution to capital or EBITDA of US$195 million in 2010. The combined company will operate its Drilling and Well Services offerings with a global footprint covering more than 30 of the world's key oil and gas regions including the US, Gulf of Mexico, Brazil, Argentina, North Sea, Middle East, Africa and Southeast Asia / Pacific.
The combined Drilling Services offering will include platform drilling, land contract drilling, modular rigs, maintenance of drilling systems, directional drilling technology, underbalanced drilling, facility engineering services, rig and riser inspections, and oilfield rentals.
The company will be able to provide its customers with fully integrated drilling services, both onshore and offshore, with more than 4,000 experienced drilling crew members and senior directional drillers.
The Well Services offering will include electric and mechanical wireline services, production logging services, coil tubing services, ultrasonic investigation logging services, down-hole cameras, and advanced well fishing services.
The combined company has a long track record of safe and efficient operations in the North Sea, USA and South America.
Posted by Richard Price, Editor, EnergyME.com
Information supplied by companies or PR agencies who are responsible for content.
Send press releases to richard@energyme.com |
