Precision Drilling Completes Acquisition of Reeves
Precision Drilling
Precision Drilling's subsidiary, Precision Holdings (UK) Limited, has acquired 99.7% of the issued and outstanding shares of UK based Reeves Oilfield Services Limited pursuant to its previously announced offer to acquire all of the issued and outstanding shares of Reeves for pnds stlg 92.4 million, (pnds stlg 88.4 million net of cash acquired, equivalent to Cdn. $218 million). The Offer will remain open for acceptance until June 10, 2004. A 100% shareholding is sought, whether this be achieved through 100% eventual acceptances or use of the mandatory buy-out mechanism provided in the Companies Act 1985 (United Kingdom).
Reeves' premier offering consists of a highly reliable formation evaluation logging system that may be conveyed on wireline or using an array of conveyance alternatives such as drill pipe, tractors, or coil tubing. The Reeves system design enables high quality logging data to be recorded more efficiently than current competitors' offerings.
Reeves' premier offering consists of a highly reliable formation evaluation logging system that may be conveyed on wireline or using an array of conveyance alternatives such as drill pipe, tractors, or coil tubing. The Reeves system design enables high quality logging data to be recorded more efficiently than current competitors' offerings.
RELATED COMPANIES
Most Popular Articles
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- US Confirms Reimposition of Oil Sanctions against Venezuela
- Analyst Says USA Influence on Middle East Seems to be Fading
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- Russian Ships to Remain Banned from US Ports
- Brazil Court Reinstates Petrobras Chair to Divided Board
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally