Service & Supply | General News | Oilfield Services
Ensign Completes Hostile Takeover of Trinidad Drilling
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Ensign Energy Services has executed a hostile takeover of Trinidad Drilling, the company has amass 56% of Trinidad Drilling shares in hostile take over.
Earlier this year, Precision Drilling had entered into a deal to acquire Trinidad but, with this new announcement, Precision has terminated the deal and has requested the $20 million break up fee that was agreed upon when the deal was initially struck.
Ensign now owns 66 % of Trinidad's shares and plan to purchase in the open market the remaining shares, but not to exceed $1.68 per share.
Management Changes
Trinidad and Ensign reached agreement that the Trinidad board of directors would serially resign and appoint five Ensign nominees to Trinidad's board. Accordingly, the current board of directors has resigned and has been replaced by five nominees of Ensign who are currently members of the Ensign board. The new Trinidad board members are as follows: Robert H. Geddes, Gary Casswell, James B. Howe, Len O. Kangas and John G. Schroeder.
In addition, the Chief Executive Officer, Chief Financial Officer and Chief Operating Officer of Trinidad have each resigned as officers of Trinidad; and Robert H. Geddes has been appointed as President and Chief Operating Officer of Trinidad with Michael Gray appointed as Chief Financial Officer of Trinidad. Both Messrs. Geddes and Gray are also senior officers of Ensign.
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