Trican Agrees to Acquire i-Tec Well Solutions

Trican Agrees to Acquire i-Tec Well Solutions 
CALGARY, ALBERTA -- (Marketwire) -- 12/21/12 -- Trican (TSX:TCW) is
pleased to announce that is has entered into an agreement to acquire
i-Tec Well Solutions AS ("i-Tec"). i-Tec is a privately-owned company
based in Norway that has developed a portfolio of field proven
completion & intervention tool solutions. i-Tec operates in Norway,
the United States and currently supports Trican's Completion Tool
division in Canada. 
i-Tec's current technology focus is on horizontal cemented liner
completion systems, which we believe to be a growing market within
the completion systems industry. The acquisition of i-Tec fits well
with Trican's focus on being a technological leader and will
strategically differentiates Trican in the horizontal multi-stage
fracturing completion and intervention tool markets. The key
management of i-Tec will remain with Trican and are committed to
helping Trican become a premier provider of completion systems and
tools. 
Trican is a technological leader within the pressure pumping industry
and this acquisition is consistent with our strategy to enhance and
add to our service offering in high technology areas. i-Tec has
designed and developed a portfolio of commercialized and technically
differentiated completion and intervention solutions designed to meet
the needs of its customers and maximize well production. In addition,
i-Tec continues to research and rapidly develop the next generation
of tools that will be used in the growing worldwide horizontal
market. With a strong stand-alone completion and intervention tool
business, i-Tec has the added benefit of complementing Trican's
existing pressure pumping service lines. i-Tec's technology portfolio
is well protected with a significant number of patents and patents
pending.  
Under the terms of the agreement, Trican will acquire all of the
shares and discharge existing debt of Petro Tools Holding AS (the
holding company for i-Tec and its subsidiaries) in exchange for
initial cash consideration of US$30 million and 2.4 million Trican
common shares. Cash consideration will be funded from existing bank
facilities. In addition, Trican has agreed to pay deferred
consideration of up to US$47.1 million subject to agreed upon
financial targets for i-Tec for the year
 ended December 31, 2013. We
expect this acquisition to be accretive in 2013 based on successful
execution of the 2013 business plan. The transaction is expected to
close before January 31, 2013. 
TD Securities Inc. acted as exclusive financial advisor to Trican,
while Evercore Partners and Alpha Corporate Finance acted as
financial advisors to Petro Tools Holding AS on the transaction. 
Headquartered in Calgary, Alberta, Trican has operations in Canada,
the United States, Russia, Kazakhstan, Australia and North Africa.
Trican provides a comprehensive array of specialized products,
equipment and services that are used during the exploration and
development of oil and gas reserves. 
FORWARD-LOOKING INFORMATION 
This document contains information that constitutes forward-looking
information within the meaning of applicable securities legislation.
This forward-looking information is identified by the use of terms
and phrases such as "anticipate," "achieve", "achievable," "believe,"
"estimate," "expect," "intend", "plan", "planned", and other similar
terms and phrases. This outlook and information speaks only as of the
date of this document and we do not undertake to publicly update the
forward-looking information contained in this document except in
accordance with applicable securities laws. This forward-looking
information includes: 


 
--  The belief that horizontal cemented liner completion systems are a
    growing market within the completion systems industry; 
--  The belief that the acquisition of i-Tec fits well with Trican's focus
    on being a technological leader and strategically differentiates Trican
    in the horizontal multi-stage fracturing completion and intervention
    tool markets; 
--  The belief that Trican is a technological leader within the pressure
    pumping industry; 
--  The belief that the acquisition of i-Tec is consistent with our strategy
    to enhance and add to our service offerings in high technology area; 
--  The belief that the acquisition of i-Tec will complement Trican's
    existing pressure pumping service lines. 
--  The expectation that the acquisition of i-Tec will be accretive in 2013
    based on successful execution of the 2013 business plan; 
--  The expectation that this transaction is expected to close before
    January 31, 2013. 

 
Forward-looking information is based on current expectations,
estimates, projections and assumptions, which we believe are
reasonable but which may prove to be incorrect and therefore such
forward-looking information should not be unduly relied upon. In
addition to other factors and assumptions which may be identified in
this document, assumptions have been made regarding, among other
things: industry activity; the general stability of the economic and
political environment; effect of market conditions on demand for the
Company's products and services; the ability to obtain qualified
staff, equipment and services in a timely and cost efficient manner;
the ability to operate its business in a safe, efficient and
effective manner; the performance and characteristics of various
business segments; the effect of current plans; the timing and costs
of capital expenditures; future oil and natural gas prices; currency,
exchange and interest rates; the regulatory framework regarding
royalties, taxes and environmental matters in the jurisdictions in
which the Company operates; and the ability of the Company to
successfully market its products and services.  
Forward-looking information is subject to a number of risks and
uncertainties, which could cause actual results to differ materially
from those anticipated. These risks and uncertainties include:
fluctuating prices for crude oil and natural gas; changes in drilling
activity; general global economic, political and business conditions;
weather conditions; regulatory changes; the successful exploitation
and integration of technology; customer acceptance of technology;
success in obtaining issued patents; the potential development of
competing technologies by market competitors; and availability of
products, qualified personnel, manufacturing capacity and raw
materials. In addition, actual results could differ materially from
those anticipated in the forward-looking information and financial
outlook provided herein as a result of the risk factors set forth
under the section entitled "Risk Factors" in our Annual Information
Form dated March 22, 2012.
Contacts:
Trican Well Service Ltd.
Dale Dusterhoft
Chief Executive Officer
(403) 266-0202
(403) 237-7716 (FAX)
ddusterhoft@trican.ca 
Trican Well Service Ltd.
Michael Baldwin
Vice President, Finance & CFO
(403) 266-0202
(403) 237-7716 (FAX)
mbaldwin@trican.ca 
Trican Well Service Ltd.
Gary Summach
Director of Reporting and Investor Relations
(403) 266-0202
(403) 237-7716 (FAX)
gsummach@trican.ca 
Trican Well Service Ltd.
2900, 645 - 7th Avenue S.W.
Calgary, Alberta T2P 4G8
www.trican.ca
 
 
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