Schoeller-Bleckmann Oilfield Equipment to acquire Resource Well Completion Technologies

Torys acted as counsel to SBO with a team that included Janan Paskaran, Amy Maginley, Leah Dickie, Renee Matthews, Megan Kinsella and Eliot Che (corporate/M&A), Ed Fan and Theresa Fauconnier (IP) Andrew Bernstein and Evan Dickinson (litigation), Darryl Hiscocks, Susan Nickerson, Lynne Lacoursière and Brad Tartick (pensions and employment), Andrew Wong (tax).

On November 25, 2014, Schoeller-Bleckmann Oilfield Equipment AG (SBO) announced its acquisition of over 67% of Resource Well Completion Technologies Inc. (Resource), a Canadian oilfield service company.

The purchase price was variable, with a first tranche of C$39.3 million paid upon closing and the second tranche, payable at the end of March depending on Resource's results. SBO has the option to acquire the remaining 33% in Resource after three years.

SBO financed the purchase price out of cash flow and through utilization of existing credit lines.

Resource is a provider of a diverse range of high quality completion, well construction, multi-stage stimulation and well servicing products and systems that efficiently stimulate oil and gas production.

SBO is a world market leader for high precision parts and leading supplier of oilfield equipment for the oilfield service industry, specializing in non-magnetic drilling collar components, high-performance drilling motors and circulations tools for directional and horizontal drilling.

Further information can be found here.