Precision Drilling has entered an agreement to purchase 100% in Trinidad Drilling for C$1.028bn ($794.28m).
The transaction also includes gaining Trinidad’s net debt of C$477m ($368.5m).
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Trinidad shareholders will receive 0.445 Precision common shares for each outstanding unit held. Shareholders of Trinidad will hold 29% of Precision upon completion of the transaction.
The acquisition enables Precision Drilling to form a leading drilling company with a North American fleet of 200 rigs and a total fleet of 322 rigs. It will enable the company to secure orders and strengthen its business.
Baker Hughes (BHGE) has entered a strategic partnership agreement to purchase 5% stake in Adnoc Drilling for $550m.
The partnership will help BHGE to supply proprietary equipment and technologies valued $11bn to Adnoc Drilling.
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By GlobalDataBased in the US, Baker Hughes is a subsidiary of GE and an oil and gas company, while Adnoc Drilling is a subsidiary of Abu Dhabi National Oil Company.
The transaction will enable Adnoc to become a fully-integrated drilling and well construction services provider.
International Petroleum Corporation (IPC) has entered an agreement to acquire all the shares of BlackPearl Resources.
The transaction represents a share exchange ratio of 0.22 IPC shares for each BlackPearl unit held.
IPC is an oil and gas exploration and production company, while BlackPearl is an oil and gas company. Both parties are based in Canada.
The transaction is expected to strengthen IPC’s business and oil and gas asset portfolio.
Antero Midstream GP (AMGP) has entered an agreement to acquire all outstanding common units of Antero Midstream Partners held by the public and company.
Antero Midstream GP will become a corporation and the combined entity will be renamed as Antero Midstream Corporation (AMC).
Public shareholders of Antero Midstream Partners will receive a cash consideration of $3.415 and 1.635 new AMC shares for each unit held in the company.
Antero Resources will receive a cash consideration of $3 and 1.6023 new AMC shares for each unit held in Antero Midstream Partners.
Both companies are based in the US and own, operate, and develop midstream energy assets.
