Trican has announced it has entered into an agreement to acquire i-Tec Well Solutions AS. i-Tec is a privately-owned company based in Norway that has developed a portfolio of field proven completion and intervention tool solutions.

 

i-Tec operates in Norway, the United States and currently supports Trican's Completion Tool division in Canada.

 

i-Tec's current technology focus is on horizontal cemented liner completion systems, which Trican believes to be a growing market within the completion systems industry.

 

The acquisition of i-Tec fits well with Trican's focus on being a technological leader and will strategically differentiate Trican in the horizontal multi-stage fracturing completion and intervention tool markets.

 

Trican is a technological leader within the pressure pumping industry and this acquisition is consistent with its strategy to enhance and add to its service offering in high technology areas. i-Tec has designed and developed a portfolio of commercialized and technically differentiated completion and intervention solutions designed to meet the needs of its customers and maximize well production.

 

In addition, i-Tec continues to research and rapidly develop the next generation of tools that will be used in the growing worldwide horizontal market. With a strong stand-alone completion and intervention tool business, i-Tec has the added benefit of complementing Trican's existing pressure pumping service lines. i-Tec's technology portfolio is well protected with a significant number of patents and patents pending.

 

Under the terms of the agreement, Trican will acquire all of the shares and discharge existing debt of Petro Tools Holding AS (the holding company for i-Tec and its subsidiaries) in exchange for initial cash consideration of US$30 million and 2.4 million Trican common shares. Cash consideration will be funded from existing bank facilities.

 

Headquartered in Calgary, 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.