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Trican Closes Acquisition of i-TEC Well Solutions and Expands Into the Completion Systems and Downhole Tools Market
By: Marketwired .
Jan. 28, 2013 05:00 PM
CALGARY, ALBERTA -- (Marketwire) -- 01/28/13 -- 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.
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.
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