Weekly OFS Newsletter – November 20, 2017
OILFIELD SERVICES UPDATE
Monday November 20, 2017
News items ended November 19, 2017
Mergers and Acquisitions
- CWC Energy Services Corp. (TSXV:CWC) announced the closing of its $37.5 million cash acquisition of C&J Energy Production Services-Canada Ltd. The assets acquired includes 75 service rigs and 13 swabbing rigs in Alberta, as well as four real estate properties estimated at $15 million.
- Source Energy Services Ltd. (TSX:SHLE) completed its $93.8 million public and private offerings of common shares. Source Energy concurrently increased its revolving credit facility limit from $35 million to $70 million. Gross proceeds will be used to finance its recently announced acquisitions and related costs, its capital investment program and for general corporate purposes.
- Step Energy Services Ltd. (TSX:STEP) announced a $65 million secondary offering of common shares expected to close on December 1st, 2017. The offering will be conducted on a bought deal basis with an aggregate of 5.307 million common shares being offered at $12.25 per share. The selling shareholders will own approximately 67.9% of the issued common shares upon completion of the offering and if the overallotment option is not exercised.
- The Nebraska Public Service Commission approved TransCanada Corp’s. (TSX:TRP) Keystone XL pipeline on November 20th, 2017 (Monday). The commission’s decision was focused mainly on public interest and was not allowed to reach a verdict based on environmental issues.
- Tidewater Midstream and Infrastructure Ltd. (TSX:TWM) will begin trading on the Toronto Stock Exchange (TSX) on November 20th, 2017 (Monday). Tidewater purchases and distributes natural gas liquids primarily in North America. The company will concurrently be delisted from the TSX Venture Exchange.