MEDICINE HAT, AB – There’s been a major deal in the oil patch.
Trican Well Service Ltd. is looking to buy its rival, Canyon Services Group, for $637 million…
The CEO’s of both companies discussed the deal via conference call before making the announcement.
Trican suspended its operation in Redcliff about a year ago.
But Canyon has been seeing an increase in oil patch activity for months.
They hosted a job fair in Medicine Hat at the beginning of last month.
Today’s announcement could mean more jobs for the local economy.
Trican said this might be exactly what they need to reopen their Redcliff office.
But there’s still a lot of unknowns, including if all of Canyon’s current employees will keep their positions.
President and CEO, Brad Fedora, insists this deal means they’ll be able to provide their staff with more career opportunities.
“There’s no guarantees in life but we’re still growing our Medicine Hat base,” he said, over the phone from Calgary. “All of the employees that are currently working there, we hope they stay and we’re trying to add additional employees to our Medicine Hat base.”
“We know the company, we’ve been competitors for a long period of time,” said vice president of Trican, Rob Cox. “They’re a well run company, (with) good quality assets. It allows us to grow within western Canada without reactivating equipment, where it’s tough to find people and also allows us to grow without building equipment.”
Beofre the deal become final, shareholders on both sides need to agree to it. A vote is expected to happen within the next two months.
