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Ensign Energy Services moves to acquire remaining shares of Trinidad Drilling

Calgary, Alberta-based Trinidad Drilling Ltd. could merge with Ensign Holdings Inc., a wholly owned subsidiary of fellow Calgary-based Ensign Energy Services Inc., which took a majority stake in Trinidad in November 2018.

Ensign said Jan. 9 it had acquired around 215.8 million Trinidad shares under the initial offer, which represents around 78.9% of the issued shares. Ensign initially owned 26.9 million Trinidad shares.

The new company would become a wholly owned subsidiary of Ensign, which owns 244.2 million Trinidad shares, or 89.3%, with plans to acquire the remaining shares at C$1.68 per share.

The merger, which is subject to the approval of Trinidad's shareholders, will likely push through as Ensign holds the controlling shares of the former.

In November 2018, fellow Canadian-firm Precision Drilling Corp. terminated an arrangement agreement with Trinidad.