Estrella International Energy Services Announces Proposed Acquisition of San Antonio Internacional Colombia


Estrella International Energy Services (EEN.V), currently in a trading halt, has entered into a definitive arm's length share purchase agreement dated June 16, 2013 with San Antonio International Oil & Gas Services LLC and Armadillo Drilling Services LLC to acquire all of the issued and outstanding shares of San Antonio Internacional Co. Inc. (SAI Colombia) held by the Sellers, for a purchase price of approximately US$122 million (the "Acquisition"). SAI Colombia is a company registered under the laws of the British Virgin Islands and is the owner of San Antonio Internacional-Sucursal Colombia, a branch registered in Bogota, Colombia.

SAIC provides specialized services, equipment and personnel on a contractual basis for the exploration and development of onshore oil and gas resources throughout Colombia. Upon completion of the transaction Estrella will control 37 rigs in the Colombian market (45 rigs total), making the combined company the largest rig operator in that market. On the services front, the combination gives the Company a broad range of services, and strengthens the capabilities for project management and handing of bundled services and integrated projects. During the year ended 2012, SAIC's average daily workforce consisted of approximately 1,260 employees, of which 1,054 are active rig-based personnel who operate the rigs on a day-to-day basis.

Estrella is at a yr low of 3 cents.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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