Company News

Ensign Energy says over 50 pct of Trinidad shares tendered in hostile bid

Nov 27 (Reuters) - Canada’s oilfield services provider Ensign Energy Services Inc said on Tuesday about 56 percent of Trinidad Drilling Ltd’s shares have been tendered to its hostile bid, giving the company an upper hand over Precision Drilling Corp’s rival offer.

The company said this helped meet the statutory minimum condition for its offer of C$947 million. The company now owned 66.18 percent of issued and outstanding Trinidad shares, including the 26,863,239 shares of Trinidad it already owned.

Ensign decided to launch the hostile bid for Trinidad in August after the target company completed a strategic review it began in February, while North American drilling contractor Precision offered a deal valued at C$1.03 billion in October.

Precision, which last week asked Trinidad shareholders to reject Ensign’s offer, was not immediately available for comment.

Reporting by Laharee Chatterjee in Bengaluru; Editing by Sriraj Kalluvila