We are pleased to inform you that PTW Energy Services Ltd., a newly formed privately held company based in Nisku, Alta., has agreed to acquire all of the shares of Tarpon Energy Services Ltd. In addition, PTW will be simultaneously acquiring Nisku-based Pyramid Corporation and Calgary-based Warwick Industries Ltd. and Kent Steel Ltd. The combination of the four businesses will create a leading services provider to a wide range of clients with operations in markets across key oil and gas basins in the U.S., Canada, Southeast Asia and the Middle East.
Initially, each company under the PTW umbrella will retain its existing brand and operate independently prior to any integration of the operations. PTW is focused on operating in a manner that will allow it to provide a seamless transition for employees and clients following the closing of the transaction, which is expected to occur sometime in late April after receipt of required third party approvals, including the Canadian Competition Bureau and the Tarpon shareholders.
All of the participants involved in this deal are excited by the prospect of creating a world-class services firm that will be positioned to provide the highest levels of service to existing and prospective clients across a broad range of geographies and client needs. This transaction will make PTW one of the largest electrical and instrumentation providers in North America. PTW will have the capability to provide unparalleled service to major clients in the oil sands and other principal hydrocarbon producing areas as well as clients in the mining and industrial sectors in North America and internationally. In addition, combining Tarpon, Pyramid, Warwick and Kent’s modular solutions, structural fabrication and design expertise, will constitute a strong and unique full-service building solutions offering.
The creation of PTW presents a number of opportunities for all of Tarpon’s key stakeholders, including all our employees, clients, vendors and shareholders. The sharing of best practices, enhanced career opportunities for employees in a larger and more diversified company, and offering clients a broader array of products and services across more locations, are all key benefits of the consolidated PTW organization.
“I am extremely proud of our employees who have built an incredible company focused on safety, quality and service,” said John Henry, president & CEO of Tarpon Energy Services Ltd. “I am particularly pleased that we found a home for Tarpon within PTW which enables us to retain our brand and culture. Thank you for your support and commitment as we continue to build and strengthen our organization while working to finalize this deal.”