BUZZ-Trican Well Service Ltd: Sells Russian business

Fri Aug 14, 2015 12:25pm EDT
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** Oilfield equipment provider's shares down nearly 21 pct at 15-year low of C$1.57

** Company sells Russian pressure-pumping business to Rosneft Oil Co's unit for $140 mln

** Trican and Rosneft also in talks for sale of Trican's Kazakhstan business

** Trican previously closed operations in Australia and suspended operations in Saudi Arabia

** Trican's business will be reduced to North America and Norway, if Kazakhstan assets are sold

** North America onshore drilling outlook has deteriorated significantly in the past six weeks, which may negate some of the positive impact from the cash infusion, JPMorgan analysts say in a note

** Company also suspends Q2 dividend

** Up to Thursday's close, stock had fallen nearly 65 pct this year