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Ensign Energy Services offers to buy Trinidad Drilling in $947 million deal

Staff Writer |
Ensign Energy Services announced that it intends to commence an offer to acquire, through a wholly-owned subsidiary, all of the issued and outstanding common shares of Trinidad Drilling for $1.68 in cash per common share.

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This represents approximately a 20% premium to the volume weighted average price of the common shares of Trinidad on the TSX for the trading days between August 1 through August 10, after Trinidad announced on August 1, 2018 the end of its strategic review process.

Including Trinidad’s estimated outstanding net debt of $477 million as at June 30, 2018, the total value of the transaction is approximately $947 million.

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