Purchased $11 m in revenue for $3 m cash...
EDMONTON, March 6 /CNW/ - The Churchill Corporation is pleased to
announce that an offer made by its subsidiary, Triton Projects Inc., to
acquire the assets of H&H Oilfield Services has been accepted by
PricewaterhouseCoopers Inc. as interim receiver and manager and, subject to
approval by the Court of Queen's Bench of Alberta, is expected to close by
March 13, 2000. H&H was formerly part of Hartland Pipeline Services Ltd.,
which filed for Receivership on November 24, 1999. H&H is a Bonnyville,
Alberta-based oilfield mechanical and general construction and maintenance
contractor with 22 years of successful operation in the oil and gas sector.
H&H provides general and facilities construction, shop fabrication,
maintenance, small diameter pipeline construction, and structural steel
erection services to the oil and gas industry throughout Alberta. It primarily
serves the heavy oil sector in the Primrose, Cold Lake and Wolf Lake region
that is expected to be very active during the next several years. H&H
currently has approximately 50 employees and Triton plans to offer continued
employment to the substantial majority of the current employees. H&H has
generated average annual revenue of $10 million during the last few years and
has a history of profitability. The purchase price of $3.2 million will be
financed within the current financial resources of Triton and Churchill.
Hank Reid, President and Chief Executive Officer of Churchill commented,
``The proposed acquisition of the assets of H&H by Triton is Churchill's first
major step in our strategy to accelerate the profitable growth of our
Industrial Division. H&H is a well-managed contractor that is established in
an attractive market region. H&H is highly complementary with the current
business of Triton.' Triton is a heavy-industrial mechanical contractor
providing services to the petrochemical, oil and gas, electrical co-
generation, mining and forest products industries. Triton is based in Nisku,
Alberta and also has an office in Calgary.
The Churchill Corporation is a western Canadian commercial and industrial
construction corporation with annual revenue in excess of $200 million.
Churchill shares are listed on The Toronto Stock Exchange under the trading
symbol ``CUQ'. |
