Nabors Industries, Houston, has signed a definitive agreement to acquire Exeter Drilling Co., Denver, and J.W. Gibson Well Service Co., Englewood, Colo., from Occidental Oil & Gas Corp.
Expected to close at the end of April, the deal is valued at about $22 million plus working capital. It is subject to regulatory approval.
Exeter's fleet consists of 49 actively marketed rigs, including seven diesel electric SCR rigs. In addition, Exeter has a substantial inventory of rig components.
Most of the active fleet is composed of medium and light rigs operating in the Rocky Mountain region. The rest are in New Mexico, Oklahoma, and the U.S. Gulf Coast, as well as one each in Yemen and Venezuela.
Gibson operates 78 workover and well service rigs from 15 locations in the Rocky Mountains, Midcontinent, and New Mexico.
The acquisitions will boost Nabors active fleet to about 307 land drilling rigs and 78 workover and service rigs. Offshore, the company operates 42 platform rigs (including 11 labor contracts), six jack ups, and five barge rigs.
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