Weekly OFS Newsletter
News Items Ending May 7, 2018
Mergers and Acquisitions
- New York based One Equity Partners announced the USD $96 million acquisition of Carencro, LA based Gibson Omni Parent Inc., the US environmental services business of Gibson Energy Inc. (TSX:GEI). Primarily serving the energy industry, Gibson Omni’s services include water logistics and disposal, solid waste processing, treatment and landfilling etc. The business will be known as OMNI Environmental Solutions post acquisition.
- Oil prices rose to their highest levels since late 2014, with the increase attributed to Venezuela’s deepening economic crisis and the potential for further US sanctions on Iran. Both Brent and WTI crude futures rose above the USD $70 per barrel mark, the first time since November 2014.
- The federal government announced it will intervene in British Columbia’s reference case over the $7.4 billion Trans Mountain pipeline expansion. The case filed in the BC Court of Appeal is questioning if the province has jurisdiction to regulate the transport of oil through its territory.
- Calgary, AB based Requisite Energy Services Ltd., a provider of well servicing, facility construction and project management services was placed in receivership on application by Export Development Canada. PricewaterhouseCoopers Inc. was appointed receiver and Dentons the counsel to the applicant.