On August 13, 2018, Ensign Energy Services Inc. announced that it intends to commence an offer to acquire, through a wholly-owned subsidiary, all of the issued and outstanding common shares of Trinidad Drilling Ltd. for $1.68 in cash per common share. The total value of the transaction is approximately $947 million.
The acquisition aims to create meaningful shareholder value to pursue Trinidad’s revised five-year strategic plan, capitalizing on Trinidad’s operational excellence, strong customer base, geographic diversity and solid financial position.
Ensign is a global leader in drilling and servicing wells and a full slate of land-based services for oil, gas and geothermal energy.
Osler, Hoskin & Harcourt LLP represented Ensign with a team led by Chris Murray (Corporate) and consisting of Richard Borins (Financial Services), Rob Lando (US Corporate), Neal Ross, Jennifer Jeffrey, Heidi Wong (Corporate), Jennifer Lee (US Tax), Drew Morier, Christopher Sheridan (Tax), and Shuli Rodal (Regulatory).