Mullen expands oilfield services division

ALDERSYDE, Alta. (Dec. 19, 2002) — Trucking and oilfield specialist Mullen Transportation continued to expand its oilfield services business with the acquisition of two companies in Western Canada.

Mullen said it will pay about $15 million combined for OK Drilling, based in Red Deer, Alta., and Anderson Drilling, of Fort St. John, B.C., in separate transactions. Both are direct competitors to Mullen’s McGinnis Rat Hole Drilling Co. subsidiary.

Combined, the companies will add about $15 million to Mullen’s consolidated annual revenue and generate operating margins in the 20 per cent range.

Mullen has completed a total of seven acquisitions in 2002, all leveraged to the oil and gas industry in Western Canada. In a statement, Mullen said it now operates a total of 25 truck-mounted auger and dual-rotary drill units, “by far the largest and most modern fleet in the industry.”


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