CALGARY, ALBERTA--(Marketwired - March 1, 2017) - Savanna Energy Services Corp. ("Savanna") (TSX:SVY) advises that it is aware that, on March 1, 2017, Total Energy Services Inc. ("Total") amended its unsolicited offer to acquire, subject to a number of conditions, the outstanding common shares of Savanna ("Common Shares").
The Special Committee of the Board of Directors of Savanna (the "Board") and the Board are reviewing the amended offer with their financial and legal advisors and will respond in due course.
Savanna, under the supervision of the Special Committee, is continuing its active strategic alternatives process to maximize value for all shareholders. The Board recommends that shareholders take no action until they have received further communication from the Board.
Savanna is a leading contract drilling and oilfield services company operating in North America and Australia providing a broad range of drilling, well servicing and related services with a focus on fit for purpose technologies and industry-leading Aboriginal relationships.
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward-looking statements and information relating to its response to Total's amended offer and Savanna's strategic alternatives process. These forward-looking statements and information are based on certain key expectations and assumptions made by Savanna including expected results from Savanna's strategic alternatives process. Although Savanna believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information as Savanna cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the inability to obtain regulatory approvals, risks associated with general economic conditions, the demand for Savanna's services, volatility in market prices for oil and natural gas and the effect of this volatility on the demand for oilfield services generally, currency exchange rate risk, compliance with covenants and/or repayment obligations under Savanna's credit facilities and senior note indenture, changes in legislation, dependence on, and concentration of, major customers, and the creditworthiness and performance by the Company's counterparties and customers. In addition, there can be no certainty the strategic alternatives process will result in a transaction or, if a transaction is undertaken, what the terms or timing of such a transaction will be.
Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive. Additional information on these and other risk factors that could affect Savanna's operations or financial results are included in Savanna's annual information form and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements and information contained in this press release are made as of the date hereof and Savanna does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.