CALGARY, Nov. 9, 2018 /CNW/ - Ensign Energy Services Inc. (TSX:ESI) ("Ensign") announced today that the U.S. Federal Trade Commission has granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the "HSR Act"), with respect to the previously announced offer (the "Offer") made by Ensign to the shareholders of Trinidad Drilling Ltd. ("Trinidad") to purchase all issued and outstanding Common Shares of Trinidad.
The early termination of the waiting period under the HSR Act satisfies one of the customary conditions to the Offer, which include, without limitation: the statutory minimum tender condition of 50% of the Common Shares; the deposit under the Offer of Common Shares, together with the associated shareholder rights under Trinidad's shareholder rights plan and Common Shares held by Ensign, representing at least 66-2/3% of the outstanding Common Shares; receipt of all necessary regulatory approvals; no material adverse change affecting Trinidad; and Trinidad's shareholder rights plan being waived, invalidated or cease-traded.
The conditions to the Offer are fully described in Ensign's previously disclosed Offer to Purchase and Circular. The Offer is not subject to the approval of Ensign's shareholders and is not subject to any financing or due diligence conditions.
Ensign is a global leader in oilfield services, headquartered out of Calgary, Alberta, operating in Canada, the United States and internationally. We are one of the world's top land-based drilling and well servicing contractors serving crude oil, natural gas and geothermal operators. Our premium services include contract drilling, directional drilling, underbalanced and managed pressure drilling, rental equipment, well servicing and production services. Please visit our website at ensignenergy.com.
Ensign's Common Shares are publicly traded though the facilities of the Toronto Stock Exchange under the trading symbol ESI.
SOURCE Ensign Energy Services Inc.
For further information: Bob Geddes, President & Chief Operating Officer, Ensign Energy Services Inc., [email protected], W. (403) 260-6250; Mike Gray, Chief Financial Officer, Ensign Energy Services Inc., [email protected], W. (403) 260-2215; Media Contact: Ian Robertson, Executive Vice President, Communication Strategy, Kingsdale Advisors, [email protected], W: (416) 867-2333, C: (647) 621-2646