Weekly OFS Newsletter
News Items Ending April 9, 2018
Mergers and Acquisitions
- Enbridge Inc. (TSX:ENB) is seeking to sell a group of Canadian gathering and processing assets worth up to $2 billion. The assets, located across Alberta and BC were acquired when Enbridge acquired Spectra Energy Corp. in 2016. The intention to sell assets is consistent with Enbridge’s plan to divest up to $10 billion in assets to streamline its operations into three core segments: oil pipelines, gas pipelines and gas utilities.
- Edmonton, AB based Lifting Solutions Inc., a manufacturer of artificial lift solutions completed the acquisition of all the Canadian continuous rod service assets from a major multinational oilfield services company. Lifting increased its total fleet size from 70 to 320 pieces of equipment, with service units capable of pulling and running continuous rod now totaling 47. Lifting will be adding 120 employees as well from this acquisition.
- Calgary, AB based NorthPoint Technical Services ULC, an affiliate of Denver, CO based Lion Equity Partners announced the acquisition of the Canadian motor repair business of Siemens Canada Ltd. NorthPoint provides repairing services of rotating industrial equipment, including motors, generators, gearboxes, switchgear, transformers, pumps, fans and turbines. NorthPoint will be a “Siemens Approved Partner” for motors and gearboxes after this acquisition, handling warranty and other repairs and new unit sales of spares at each of its eight locations throughout Canada.
- Houston based Quorum Software is acquiring Calgary based Entero Corp., an energy software solutions provider for the upstream and midstream sectors. The acquisition of Entero is aligned with Quorum’s mission to expand its product portfolio to cover the energy value chain, from engineering to accounting and finance in upstream and across the full range of midstream processes. The acquisition expands Quorum’s geo-specific and upstream expertise and products.
- Kinder Morgan Canada Ltd. (TSX:KML) announced the suspension of all non-essential activities and related spending on the Trans Mountain Expansion Project. Kinder Morgan also announced that it will not commit additional shareholder resources to the Project under the existing circumstances, with the continued opposition to the Project by British Columbia. The Alberta government responded by saying it will ensure the pipeline gets built, and that the provincial government may consider taking an investment position in the project.