Canadian Energy Services acquires Rheotech
On July 3, 2014, Canadian Energy Services & Technology Corp. (Canadian Energy Services) announced that effective July 1, 2014 it acquired the drilling fluids business assets of Rheotech Drilling Fluids Services Inc. (Rheotech).
Canadian Energy Services used a portion of the proceeds from its recent offering of C$75 million unsecured notes to indirectly fund the acquisition.
Rheotech is a Western Canadian Sedimentary Basin based private drilling fluids company that provides drilling fluid solutions for several leading oil and natural gas companies with a focus on both steam-assisted gravity drainage and deep long-reach horizontal drilling.
Canadian Energy Services is a leading provider of technically advanced consumable chemical solutions throughout the life-cycle of the oilfield.
Further information can be found on Marketwired's website.