Ensign Completes Acquisition of Flint South America
Ensign Resource Service Group
|Friday, January 21, 2005
Ensign Resource Service Group has completed the previously announced acquisition of the Venezuela and Ecuador oilfield service operations of Flint South America, Inc., a private company with headquarters in Las Vegas, Nevada. The transaction, which closed on January 20, 2005, expands the Company's international oilfield service operations into Venezuela and Ecuador. The purchase price, which was not disclosed in accordance with the agreement with Flint, was funded from existing working capital and available lines of credit.
The transaction with Flint adds 11 drilling rigs and 10 workover rigs in Venezuela; and two workover rigs in Ecuador to Ensign's international oilfield service operations. Combined with Ensign's existing operations in Argentina, the Company is in a very good position to take advantage of increased demand for oilfield services within South America. Ensign's international oilfield services operations are now comprised of 35 drilling rigs and 18 workover rigs.