Trican Well Service Ltd. said July 13 it closed the sale of its completion tools business with operations in Russia, Norway, the U.S. and Canada for C$53.5 million (US$41.4 million).
The Calgary, Alberta-based company entered into the sales agreement with certain subsidiaries of National Oilwell Varco Inc. (NYSE: NOV) on June 1.
Following closing, Trican's operations will be conducted solely in Canada. The company's operations will include specialized products, services and technology for use in the drilling, completion, stimulation and reworking of oil and gas wells.
Trican intends to use proceeds from the sale to reduce its outstanding debt.
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