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BJ Services To Acquire Innicor Subsurface Technologies

[Daily News] BJ Services Company has announced it has signed a pre-acquisition agreement to acquire all of the outstanding shares of Innicor Subsurface Technologies Inc.
Innicor is headquartered in Calgary and is a designer, manufacturer and provider of tools and equipment utilized in the completion and production phases of oil and gas well development in Canada and select international markets.

Subject to the terms and conditions of the agreement, BJ Services will offer to purchase the outstanding shares of Innicor for a purchase price of $2.50 in cash per share, valuing the proposed transaction at approximately $56 million, including outstanding debt and capital lease obligations.

The transaction is expected to be completed during BJ Services' third fiscal quarter and is subject to customary closing conditions, including applicable Canadian regulatory approvals.

CEO J.W. Stewart commented, "This acquisition will increase the breadth of our completion and downhole tool product lines and will add significant manufacturing capacity. The combination of BJ's current completion tool capabilities and Innicor's completion tool product line, manufacturing capabilities and distribution networks significantly strengthens our ability to meet our customers' needs."

Delton Campbell, president and chief executive officer of Innicor, said, "Innicor's board of directors has determined that the offer of $2.50 cash per share represents strong and fair value for the company's shareholders. The offer represents a significant premium to recent trading values of Innicor stock."

Innicor designs and manufactures a range of downhole tools and equipment used primarily in completions operations of the upstream oil and gas sector. Innicor's product line includes completion tools such as packers and other zonal isolation devices, liner hangers, explosive shaped charges, perforating equipment including carriers and tubing conveyed perforating devices, and other related wireline equipment.

In addition to product sales of its equipment, Innicor provides a wide range of services to exploration and production companies, primarily in conjunction with the completion tools and liner hanger product lines. Innicor currently operates two manufacturing facilities in the Calgary region and manufactures the vast majority of its products in house. One of those facilities, the shaped charge plant at Standard, Alberta near Calgary, is the only facility of its kind in Canada.

BJ Services Company is a leading provider of pressure pumping, well completion, production enhancement and pipeline services to the petroleum industry.
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