Mullen Transportation Expands Oilfield Services Segment

Mullen Transportation has acquired Northern Underwater Systems (NUS) Ltd. in an all cash transaction. NUS is a recognized leader in Canada in the provision of inland water related services to oil and gas, oil sands and industrial customers. These specialized marine services primarily involve dewatering services through the rental and sale of pumps and support equipment. In addition, NUS is also involved in providing diving, barging and dredging services.

NUS's operations are focused primarily in western Canada through its offices in Edmonton, Calgary and Ft. McMurray, Alberta; Yellowknife, Northwest Territories; and Trail, British Columbia. "The acquisition of companies leveraged to the oil and gas industry has been a strategic focus of Mullen for a number of years. This acquisition expands the specialized services provided by Mullen's Oilfield Services segment", said Stephen Lockwood, President and Co-CEO.

This investment is expected to add over $10.0 million to Mullen's consolidated revenues, to generate operating margins in the 30 percent range, and to be accretive to earnings in 2005. "We look for companies that are industry leaders in their niche markets, as well as profitable and well run. NUS meets both of these tests and they are leveraged to Canada's oil sands industry, an important aspect of Mullen's strategic plan", added Murray Mullen Chairman and Co-CEO.
Company: Mullen Transportation more info
 - Mullen Transportation Expands Oilfield Services Segment (Oct 06)