Welcome!

News Feed Item

Trican Agrees to Acquire i-Tec Well Solutions

CALGARY, ALBERTA -- (Marketwire) -- 12/21/12 -- Trican (TSX:TCW) is pleased to announce that is has entered into an agreement to acquire i-Tec Well Solutions AS ("i-Tec"). i-Tec is a privately-owned company based in Norway that has developed a portfolio of field proven completion & intervention tool solutions. i-Tec operates in Norway, the United States and currently supports Trican's Completion Tool division in Canada.

i-Tec's current technology focus is on horizontal cemented liner completion systems, which we believe to be a growing market within the completion systems industry. The acquisition of i-Tec fits well with Trican's focus on being a technological leader and will strategically differentiates Trican in the horizontal multi-stage fracturing completion and intervention tool markets. The key management of i-Tec will remain with Trican and are committed to helping Trican become a premier provider of completion systems and tools.

Trican is a technological leader within the pressure pumping industry and this acquisition is consistent with our strategy to enhance and add to our service offering in high technology areas. i-Tec has designed and developed a portfolio of commercialized and technically differentiated completion and intervention solutions designed to meet the needs of its customers and maximize well production. In addition, i-Tec continues to research and rapidly develop the next generation of tools that will be used in the growing worldwide horizontal market. With a strong stand-alone completion and intervention tool business, i-Tec has the added benefit of complementing Trican's existing pressure pumping service lines. i-Tec's technology portfolio is well protected with a significant number of patents and patents pending.

Under the terms of the agreement, Trican will acquire all of the shares and discharge existing debt of Petro Tools Holding AS (the holding company for i-Tec and its subsidiaries) in exchange for initial cash consideration of US$30 million and 2.4 million Trican common shares. Cash consideration will be funded from existing bank facilities. In addition, Trican has agreed to pay deferred consideration of up to US$47.1 million subject to agreed upon financial targets for i-Tec for the year ended December 31, 2013. We expect this acquisition to be accretive in 2013 based on successful execution of the 2013 business plan. The transaction is expected to close before January 31, 2013.

TD Securities Inc. acted as exclusive financial advisor to Trican, while Evercore Partners and Alpha Corporate Finance acted as financial advisors to Petro Tools Holding AS on the transaction.

Headquartered in Calgary, Alberta, Trican has operations in Canada, the United States, Russia, Kazakhstan, Australia and North Africa. Trican provides a comprehensive array of specialized products, equipment and services that are used during the exploration and development of oil and gas reserves.

FORWARD-LOOKING INFORMATION

This document contains information that constitutes forward-looking information within the meaning of applicable securities legislation. This forward-looking information is identified by the use of terms and phrases such as "anticipate," "achieve", "achievable," "believe," "estimate," "expect," "intend", "plan", "planned", and other similar terms and phrases. This outlook and information speaks only as of the date of this document and we do not undertake to publicly update the forward-looking information contained in this document except in accordance with applicable securities laws. This forward-looking information includes:


--  The belief that horizontal cemented liner completion systems are a
    growing market within the completion systems industry; 
--  The belief that the acquisition of i-Tec fits well with Trican's focus
    on being a technological leader and strategically differentiates Trican
    in the horizontal multi-stage fracturing completion and intervention
    tool markets; 
--  The belief that Trican is a technological leader within the pressure
    pumping industry; 
--  The belief that the acquisition of i-Tec is consistent with our strategy
    to enhance and add to our service offerings in high technology area; 
--  The belief that the acquisition of i-Tec will complement Trican's
    existing pressure pumping service lines. 
--  The expectation that the acquisition of i-Tec will be accretive in 2013
    based on successful execution of the 2013 business plan; 
--  The expectation that this transaction is expected to close before
    January 31, 2013. 

Forward-looking information is based on current expectations, estimates, projections and assumptions, which we believe are reasonable but which may prove to be incorrect and therefore such forward-looking information should not be unduly relied upon. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: industry activity; the general stability of the economic and political environment; effect of market conditions on demand for the Company's products and services; the ability to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability to operate its business in a safe, efficient and effective manner; the performance and characteristics of various business segments; the effect of current plans; the timing and costs of capital expenditures; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its products and services.

Forward-looking information is subject to a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks and uncertainties include: fluctuating prices for crude oil and natural gas; changes in drilling activity; general global economic, political and business conditions; weather conditions; regulatory changes; the successful exploitation and integration of technology; customer acceptance of technology; success in obtaining issued patents; the potential development of competing technologies by market competitors; and availability of products, qualified personnel, manufacturing capacity and raw materials. In addition, actual results could differ materially from those anticipated in the forward-looking information and financial outlook provided herein as a result of the risk factors set forth under the section entitled "Risk Factors" in our Annual Information Form dated March 22, 2012.

Contacts:
Trican Well Service Ltd.
Dale Dusterhoft
Chief Executive Officer
(403) 266-0202
(403) 237-7716 (FAX)
[email protected]

Trican Well Service Ltd.
Michael Baldwin
Vice President, Finance & CFO
(403) 266-0202
(403) 237-7716 (FAX)
[email protected]

Trican Well Service Ltd.
Gary Summach
Director of Reporting and Investor Relations
(403) 266-0202
(403) 237-7716 (FAX)
[email protected]

Trican Well Service Ltd.
2900, 645 - 7th Avenue S.W.
Calgary, Alberta T2P 4G8
www.trican.ca

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, Cloud Expo and @ThingsExpo are two of the most important technology events of the year. Since its launch over eight years ago, Cloud Expo and @ThingsExpo have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, I provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading the...
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his general session at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore...
In his session at @ThingsExpo, Steve Wilkes, CTO and founder of Striim, will delve into four enterprise-scale, business-critical case studies where streaming analytics serves as the key to enabling real-time data integration and right-time insights in hybrid cloud, IoT, and fog computing environments. As part of this discussion, he will also present a demo based on its partnership with Fujitsu, highlighting their technologies in a healthcare IoT use-case. The demo showcases the tracking of patie...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Some people worry that OpenStack is more flash then substance; however, for many customers this could not be farther from the truth. No other technology equalizes the playing field between vendors while giving your internal teams better access than ever to infrastructure when they need it. In his session at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will talk through some real-world OpenStack deployments and look into the ways this can benefit customers of all sizes....
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...