Trican Closes Acquisition of i-TEC Well Solutions and Expands Into the Completion Systems and Downhole Tools Market
January 28 2013 - 5:00PM
Marketwired
Trican Well Service Ltd. (TSX:TCW) ("Trican") is pleased to
announce that it has closed the previously announced acquisition of
i-TEC Well Solutions ("i-TEC"), a privately owned company based in
Norway that has developed a field-proven portfolio of completion
systems and intervention tools.
Trican has taken a significant step into the global horizontal
multi-stage completion market with the acquisition of i-TEC. i-TEC
is a technology-focused developer of innovative next generation
tools who has built their business by providing solution based
service to their customers. The acquisition of i-TEC gives Trican a
comprehensive portfolio of field proven advanced completion and
intervention technologies which can be used in cemented as well as
open hole installations.
i-TEC's patented i-FRAC valve system allows for valve clusters
to be placed in prolific portions of the reservoir so that
customers can optimize production regardless of whether the
completion is cemented or open hole. The i-FRAC technology
maximizes the number of fracture initiation sites with up to 400
valves in a single completion activated by only 20 balls. Trican
believes that this technology is game changing and should convert
plug and perf users to sliding sleeves and allow Trican's customers
to perform more cemented sliding sleeve completions with
confidence. In addition to i-FRAC, the company has a number of
patented intervention technologies that allow efficient servicing
of horizontal multi-stage completions to ensure high production
rates long after the initial completion. The combination of high
density fracturing technology and the suite of intervention tools
for extended reach wells will allow Trican to provide a full
package of products and services and enhance Trican's current
offering of coiled tubing intervention tools as well as coiled
tubing drilling services.
i-TEC has operational bases including sales and R&D teams in
both Stavanger, Norway and Houston, Texas. Trican has operational
bases throughout western Canada, the United States, Russia,
Kazakhstan, Australia and North Africa. With the acquisition, i-TEC
is expected to leverage Trican's geographic reach and provide
deeper sales penetration into these markets.
Headquartered in Calgary, Alberta, Trican has operations in
Canada, the United States, Russia, Kazakhstan, Australia and North
Africa. Trican provides a comprehensive array of specialized
products, equipment and services that are used during the
exploration and development of oil and gas reserves.
FORWARD-LOOKING INFORMATION
This document contains information that constitutes
forward-looking information within the meaning of applicable
securities legislation. This forward-looking information is
identified by the use of terms and phrases such as "anticipate,"
"achieve", "achievable," "believe," "estimate," "expect," "intend",
"plan", "planned", and other similar terms and phrases. This
information speaks only as of the date of this document and we do
not undertake to publicly update the forward-looking information
contained in this document except in accordance with applicable
securities laws. This forward-looking information includes:
-- The belief that the i-FRAC valve system is game changing and should
convert plug and perf users to sliding sleeves and allow Trican's
customers to perform more cemented sliding sleeve completions with
confidence;
-- The expectation that the combination of high density fracturing
technology and the suite of intervention tools for extended reach wells
will allow Trican to provide a full package of products and services and
will enhance Trican's current offering of coiled tubing intervention
tools as well as coiled tubing drilling services;
-- The expectation that the acquisition will allow i-TEC to leverage
Trican's geographic reach and provide deeper sales penetration into
Trican's existing markets.
Forward-looking information is based on current expectations,
estimates, projections and assumptions, which we believe are
reasonable but which may prove to be incorrect and therefore such
forward-looking information should not be unduly relied upon. In
addition to other factors and assumptions which may be identified
in this document, assumptions have been made regarding, among other
things: industry activity; the general stability of the economic
and political environment; effect of market conditions on demand
for the Company's products and services; the ability to obtain
qualified staff, equipment and services in a timely and cost
efficient manner; the ability to operate its business in a safe,
efficient and effective manner; the performance and characteristics
of various business segments; the effect of current plans; the
timing and costs of capital expenditures; future oil and natural
gas prices; currency, exchange and interest rates; the regulatory
framework regarding royalties, taxes and environmental matters in
the jurisdictions in which the Company operates; and the ability of
the Company to successfully market its products and services.
Forward-looking information is subject to a number of risks and
uncertainties, which could cause actual results to differ
materially from those anticipated. These risks and uncertainties
include: customers' completion of expected work programs;
fluctuating prices for crude oil and natural gas; changes in
drilling activity; general global economic, political and business
conditions; weather conditions; regulatory changes; the successful
exploitation and integration of technology; customer acceptance of
technology; success in obtaining issued patents; the potential
development of competing technologies by market competitors; and
availability of products, qualified personnel, manufacturing
capacity and raw materials, and Trican's successful performance
under contracts. In addition, actual results could differ
materially from those anticipated in the forward-looking
information provided herein as a result of the risk factors set
forth under the section entitled "Risk Factors" in our Annual
Information Form dated March 22, 2012.
Contacts: Trican Well Service Ltd. Andrew Buzinsky Director of
Completions and Downhole Tool Services (403) 266-0202 (403)
237-7716 (FAX)abuzinsky@trican.ca Trican Well Service Ltd. Gary
Summach Director of Reporting and Investor Relations (403) 266-0202
(403) 237-7716 (FAX)gsummach@trican.ca Trican Well Service Ltd.
2900, 645 - 7th Avenue S.W. Calgary, Alberta T2P 4G8
www.trican.ca
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