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Ensign drilling at Storm Exploration Inc.'s Montney site. (Handout)
Ensign drilling at Storm Exploration Inc.'s Montney site. (Handout)

Ensign buys Rowan's drilling unit for $510-million Add to ...

Ensign Energy Services Inc. says it has agreed to acquire the land drilling division of Rowan Companies Inc. for $510-million, plus working capital.

The Calgary-based oilfield services contractor says it has a definitive agreement to buy Rowan Land Drilling, which operates 30 deeper capacity electric land drilling rigs in the southern United States.

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Ensign says the deal will complement its operations in the Rocky Mountain region and California.

The purchase will be funded through Ensign's existing working capital, available lines of credit and a loan of up to $400-million (U.S.).

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