Shawcor Ltd., Toronto, Ontario, Canada, has reported that its subsidiary, Shaw Pipe Protection Limited, has entered into an agreement to acquire certain of the coating assets and business of Altus Energy Services Partnership, Altus Energy Services Ltd. and Nusco Northern Manufacturing Ltd. The coating business, formerly known as CSI, provides shop applied coatings at its modern facility in Nisku, Alberta and provides field coating services throughout Western Canada.
CSI specializes in the internal and external coating of bends, fittings, elbows and short spools of pipe including the internal corrosion coating of long straight lengths of pipe. The acquisition of the CSI assets will allow Shaw Pipe Protection to supply a broad range of internal and external custom coating solutions that are complementary to its current range of anticorrosion, flow efficiency and insulation coatings for oil and gas gathering and transmission lines. This acquisition will also allow Shaw Pipe Protection to provide a full range of custom coating solutions for the oil sands and for pipeline rehabilitation applications.
The transaction will be effected by means of a court approved sale of assets under the Companies' Creditors Arrangement Act (CCAA) pursuant to a motion to the Court of Queen's Bench of Alberta, brought by Altus, for an Approval and Vesting Order that is scheduled to be heard on March 24, 2011. It is anticipated that, upon the receipt of final court approval and the satisfaction of other customary closing conditions, this transaction will be completed on April 6, 2011.
Recommended Reading
Plus 16 Bcf/d: Power Hungry AI Chips to Amp US NatGas Draw
2024-04-09 - Top U.S. natural gas producers, including Chesapeake Energy and EQT Corp., anticipate up to 16 Bcf/d more U.S. demand for powering AI-chipped data centers in the coming half-dozen years.
Turning Down the Volumes: EQT Latest E&P to Retreat from Painful NatGas Prices
2024-03-05 - Despite moves by EQT, Chesapeake and other gassy E&Ps, natural gas prices will likely remain in a funk for at least the next quarter, analysts said.
CNX Joins Crowd of Companies Cutting Back NatGas Production
2024-03-12 - Appalachian gas producer CNX Resources is reducing natural gas production in 2024 and announced delays for well completions on three shale pads.
Midstream Builds in a Bearish Market
2024-03-11 - Midstream companies are sticking to long term plans for an expanded customer base, despite low gas prices, high storage levels and an uncertain political LNG future.
Exclusive: Can NatGas Save the 'Fragile' Electric Grid?
2024-02-28 - John Harpole, the founder and president of Mercator Energy, says he is concerned about meeting peak electric demand and if investors will hesitate on making LNG export facilities investment decisions after the Biden administration's recent LNG pause, in this Hart Energy LIVE Exclusive interview.