Rubicon Oilfield International acquires Logan International inc.
Combination creates a global oilfield products and equipment company
Houston, Texas – October 24, 2016 – Rubicon Oilfield International (“Rubicon”) announced today that it has completed the acquisition of all of the outstanding common shares of Logan International Inc. (“Logan”) (TSX: LII), a global leader in the supply of oilfield intervention and production tools, for $1.59 CAD per share.
This transaction establishes Rubicon’s platform for delivery of Well Production solutions, complementing a robust existing portfolio of Well Construction products. Backed by a significant capital commitment from Warburg Pincus, a leading global private equity firm focused on growth investing, Rubicon will invest in the accelerated growth of all Logan product lines, leveraging Rubicon’s existing worldwide organization to enable Logan employees around the globe to deliver even greater value to their customers. In addition, Logan further strengthens Rubicon’s core competence of manufacturing and supply chain management as well as commercial excellence to a global customer network.
“We are extremely excited by the opportunities this transaction creates and welcome Logan’s extraordinary employees and industry acclaimed products to Rubicon,” said Mike Reeves, President and CEO of Rubicon. “Together, our extraordinary culture, commitment to customer service and dedication to practical innovation will continue to deliver compelling value to customers around the world.”
Logan’s broad portfolio of downhole well intervention and production products is widely acknowledged for market leading quality and reliability, enabling customers to achieve their goals with minimal risk and maximum efficiency. “We have worked to establish ourselves as a leader in fishing and production tools and I believe Rubicon will continue this leadership position and further expand the Logan offering and global footprint. This combination will provide many additional opportunities for Logan’s products and its employees,” said Dave MacNeill, CEO of Logan.
“Rubicon is committed to growing its world class oilfield products organization, providing exceptional service and solutions in a challenging industry environment,” said John Griggs, CFO of Rubicon. “Today’s announcement represents the most recent step toward this commitment and we are confident that we will continue to achieve shared success in our partnership with Logan.”