Canada's Western Energy Services has won out in the battle to take over compatriot drilling contractor Savanna Energy Services.
The all-shares deal, which is valued at C$533 million (US$394 million), sees Calgary-based Western beat off competition from Total Energy Services to land its city neighbour. The implied purchase cost includes the assumption of C$248 million of debt.
The combination is set to turn Western into the largest drilling and well services contractor in Canada, operating 157 drilling rigs and 153 servicing rigs.
Currently
