Ensign Energy Services Inc. (ESI.TO, ESVIF.PK) said that it has acquired all of the stock of FE Services Holdings Inc. Foxxe owns and operates 6 drilling rigs in Mexico as "Foxxe Energy Services".
The transaction, which is effective December 31, marks the expansion of the company's international oilfield services operations into Mexico.
The purchase price, which was not disclosed in accordance with the agreement with Foxxe, has been funded from existing working capital and available lines of credit.
Ensign expects to leverage off of Foxxe's existing contracts and operating expertise in this new region for the Company. Upon completion of the proposed transaction, Ensign's international oilfield services operations will be comprised of 55 drilling and workover rigs.
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