EDMONTON, Jan. 18 /CNW/ - Hyduke Energy Services Inc. ("Hyduke")
(TSX:HYD) is pleased to announce that it has completed the acquisition of the
operating assets of an industrial sandblast and paint facility situated in
Leduc. The acquired assets belonged to a company that had been in business
since 1958 and possessed a proven track record of profitability and high
The assets include automotive and shop equipment, as well as leasehold
improvements, which will be used to service not only the existing customer
base, but also for new and existing projects for Hyduke customers. The
vertical integration of the operations into Hyduke's existing corporate
structure allows Hyduke even greater control over pricing, quality, and
delivery on projects.
Hyduke has taken the necessary steps to retain all key personnel,
including the General Manager. In addition, Hyduke will continue providing
continued superior quality and services levels that the existing customer base
of the acquired company has come to expect.
The purchase of these assets is another example of Hyduke's commitment to
position itself as the Single Source Supplier of choice for oilfield services
equipment. Acquiring a modern paint and sandblasting operation will help
Hyduke further capitalize on the strength of its diversified business model.
(The terms of the asset purchase were not disclosed.)
Hyduke Energy Services Inc. is an integrated oilfield services company
with over thirty years experience in the manufacture, repair and distribution
of oilfield equipment and supplies in Canada and worldwide.
Hyduke specializes in providing customized integrated solutions to the
drilling and well servicing industries through:
- Turn-Key Drilling Rig and Service Rig Packages including in-house
design, engineering and drafting, major component procurement and
construction project management;
- Life Cycle Management including inspection, certification, service,
repair and supply services throughout the operating life of the
drilling or service rig;
- Single Source Supplier for drilling and well service contractors
providing new capital equipment, repair and maintenance on existing
capital equipment and supply of operating consumables.
Hyduke's headquarters are in Nisku with facilities in Edmonton, Nisku,
Calgary, Red Deer and Lloydminster, Alberta.
Hyduke operates in 3 industry segments:
- Drilling Equipment: manufacture and retrofit of land drilling rigs,
repair of related rig equipment, and supply of drilling products.
- Well Service Equipment: manufacture and repair of well service rigs,
mobile carrier and skid- mounted pump units and other well service
equipment, and supply of well servicing products.
- Other Oilfield Services: manufacture and distribution of cased-hole
and overburden drill bits and drilling systems, custom and production
machining services, distribution and repair of truck-mounted
equipment including cranes.
Hyduke provides excellence in customer service through experienced
personnel offering quality products and services across Canada and the
This press release contains forward-looking statements based upon current
expectations that involve a number of business risks and uncertainties. These
business risks and uncertainties may cause actual results, events or
developments to be materially different from any future results, events or
developments expressed or implied by such forward looking statements.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this News Release
For further information:
For further information: Gordon R. McCormack, President and Chief
Executive Officer, (780) 955-0355; Veronica Dutchak, Chief Financial Officer,