BRIEF-Xtreme announces segment sale for C$205 million to Schlumberger

Wed Apr 27, 2016 9:14am EDT
 
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April 27 (Reuters) - Xtreme Drilling And Coil Services Corp

* Xtreme announces sale of XSR coiled tubing services segment to Schlumberger for c$205 million and repositions xtreme as a pure tier 1 contract driller

* Management and board of Xtreme will be reviewing all available strategic alternatives available to xtreme

* "anticipate oilfield service activity levels to remain relatively low in 2016 with potential for increased activity in 2017"

* Possible strategic alternatives may include potential acquisitions, merger, combination, international growth program

* Strategic alternatives may include sale of co or assets, return of capital via a dividend, a substantial issuer bid

* Co, Schlumberger shall, at closing, enter into "shared intellectual property agreement" allowing licensing of patents, technologies

* Xtreme will retain certain rights to developed hard rock mining intellectual property Source text for Eikon: Further company coverage: