CanElson in its $505 million merger with Trinidad Drilling

On June 11, 2015 CanElson Drilling Inc. entered into an arrangement agreement with Trinidad Drilling Ltd. to combine both Trinidad and CanElson's premier contract drilling fleets pursuant to a court approved plan of arrangement. The Transaction is valued at approximately $505 million and creates the third largest drilling contractor in Canada with growth prospects internationally. The combined company will operate a total of 163 gross land drilling rigs, including eight international rigs under Trinidad's joint venture with a global provider of oilfield services. Under the terms of the Transaction, Trinidad will acquire all of the issued and outstanding common shares of CanElson in exchange for a combination of cash and Trinidad common shares subject to an aggregate maximum cash payment by Trinidad of $50 million.  Upon completion of the Transaction,  current Trinidad shareholders will own approximately 60% and CanElson shareholders will collectively own approximately 40% of the combined company.

Osler represented CanElson with a team consisting of Noralee Bradley, Dan Kolibar, Rummy Basra, Justin Sherman, Lily Liu and Steven Ngo (M&A) and Ted Thiessen (Tax), Peter Glossop and Kaeleigh Kuzma (Competition) and Damian Rigolo (Employment).