CALGARY, Alta. — Producers Oilfield Services Inc. has announced it has entered into letters of intent to purchase the ongoing business and assets of Raydan Trucking Ltd., a private company based in Nisku, Alta. with operations out of Brooks, Alta., and NWP Trucking Corp., a private company with operations in Blackfalds, Provost and Coronation, Alta.
The transactions will result in Producers acquiring all of the assets of Raydan and all of the shares of NWP. Each of the two companies specialize in providing general oilfield trucking and pipe storage management and hauling to the oil and gas industry in central and southern Alberta. Company officials say the services provided by Raydan and NWP complement the services provided by Producers and they anticipates that it will capitalize on the synergies among these companies.
Based on the year-to-date performance of Raydan and NWP, and expectations of the sustainability of their revenues, Producers’ management has budgeted an additional $16 million in annualized revenue. The transactions are expected to close near the end of November.
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