CALGARY, ALBERTA--(Marketwire - Nov. 21, 2012) - Today, Tervita Corporation, a leading North American energy and environmental services company, announced it has sold its drilling fluids business to Canadian Energy Services & Technology Corp. (TSX:CEU) (OTCQX:CESDF).
The two companies have also entered into marketing and streaming agreements to provide recycled oil for use in drilling fluids, and to jointly market fully integrated solids management services across North America.
Canadian Energy Services is an industry leader in designing and implementing drilling fluid systems for the North American oil and natural gas industry.
"Tervita is always looking for ways to collaborate with market leaders to offer the best solutions to our oil and gas customers," said John Gibson, CEO and president of Tervita. "This agreement is strategic and intended to provide fully integrated service offerings throughout North America. It is also a great opportunity for our employees to build their careers with an industry leader."
"In getting to know Canadian Energy Services and its leadership, I know we have strong cultural alignment and shared values of integrity and customer satisfaction. We will be able to build on this trust and collaboration and continue to deliver high results for our customers."
"We are acquiring a market leading oil sands mud system, additional drilling fluids customers, and excellent drilling fluids sales, technical and field personnel, who will complement our position as North America's premier independent drilling fluids provider," said Tom Simons, CEO and president of Canadian Energy Services. "We are also very pleased to be aligned with Tervita, the clear market leader in the provision of oilfield water and waste handling."
This partnership gives Tervita and Canadian Energy Services the ability to provide an integrated service offering to exploration and production customers, from drilling mud to recycling to disposal. It enables each company to focus on its core competencies and gives access to a broader base of customers.
Tervita is a leading North American environmental and energy services company. More than 4,000 dedicated employees partner with natural resource and industrial companies who share our values, and work with them to create a sustainable future. Safety is our highest priority: it influences our actions, guides our decisions and shapes our culture. We maintain a strategically located network of more than 95 state-of-the-art waste management facilities and a fleet of specialized equipment and assets to help customers address production and operational waste challenges. Our highly effective, convenient and environmentally sound solutions help minimize environmental impact and maximize returns. www.tervita.com
About Canadian Energy Services & Technology Corp.
Canadian Energy Services' (CES) business is focused on the design and delivery of technically advanced fluids for the North American oil and gas industry. CES' business model requires limited re-investment capital to grow. As a result, CES has been able to capitalize on the growing market demand for drilling and production fluids in North America while generating free cash flow. CES returns much of this free cash flow back to shareholders through its monthly dividend. Additional information about CES is available at www.sedar.com or at CES' website at www.canadianenergyservices.com.