Trican goes for growth in Australian unconventionals
Firm takes 100% stake in Viking Energy, a privately held firm based in Brisbane
Australian unconventional gas growth is prompting consolidation of the country’s drilling-services sector. Calgary-based Trican Well Services is paying an undisclosed sum for Viking Energy, a privately held firm based in Brisbane. Under the terms of the purchase, Trican acquired 100% of the shares and units of Viking through a wholly owned Australian subsidiary.
Trican said the acquisition provides it with a strategic entry-point to the growing Australian services market, which is being driven by unconventional coal-bed methane (coal-seam gas) and shale-gas activity. The combined company intends to “quickly” introduce North American drilling technologies to the surrounding market.
Trican is one of Canada’s largest oilfield services companies, with operations in Russia, Kazakhstan and Algeria. In addition, it is positioning itself for a burst of new shale-gas drilling activity in the US. In June, It opened a new 54,000-foot facility in Texas’s prolific, liquids-rich Eagle Ford Shale.