Foraco International SA (FAR.TO) announced the acquisition of 51% of Brazilian mineral drilling services company WFS Sondagem LTDA, or "Servitec" for an amount of approximately US$43 million through a combination of cash and Foraco shares.
On April 16, 2012 , Foraco said its shareholders approved the issuance of 3.52 million new shares to bring the total number of shares to 82.95 million on a fully diluted basis.
With this acquisition, Foraco said it has a total of 278 rigs in 23 countries served by 3600 employees, spanning five continents.
With 86 rigs, Servitec generated approximately US$70 million in revenue in 2011, with an EBITDA margin of 23%.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.