Olswang has advised Toronto Stock Exchange listed, Tuscany International Drilling Inc. ('Tuscany') on its acquisition, announced yesterday, of Paris based Caroil SAS ('Caroil'), the drilling and work-over subsidiary of French hydrocarbon exploration and production group and Euronext quoted Etablissements Maurel & Prom ('M&P'). The purchase price comprised $120 million in cash together with Tuscany shares and warrants. The acquisition was partly financed with a new $220 million facility obtained from Credit Suisse.
Tuscany provides contract drilling and work-over services along with equipment rentals to the oil and gas industry. Headquartered in Calgary, Alberta, its primary focus to date has been the South American market. In acquiring Caroil, Tuscany increases its fleet of drilling and workover rigs to 41. Caroil's operations in the Colombian and African markets (Cameroon, Gabon, Tanzania, Democratic Republic of Congo and People's Republic of Congo) will also establish Tuscany in several new territories. Walter Dawson, Chairman and CEO of Tuscany commented, "This acquisition expands our existing operation in South America and adds an up and running African component establishing Tuscany as a leading emerging market drilling contractor".
This highly complex and significant international energy transaction required the combined efforts of multi-disciplinary teams, with lawyers from Olswang London and Paris offices as well as from its Africa Business Unit. The international cooperation of the teams was imperative to delivering the transaction within a tight timetable.
Olswang's team was led by London based Corporate group partner Mark Bertram with support from Corporate associate Ben Barlow and a Tax team led by Graham Chase including Lisa Cooke and Cathryn Hopkins. The Olswang Paris team was led by Corporate partner Vanina Paolaggi and Tax partner Julien Monsenego working with a multi-disciplinary team of associates including Malak Tazi, Emmanuel Breen, Yelena Vodjevic, Natasha Mills and Rui Cabrita. The Africa Business Unit was led by Batanayi Katongera. Travers Smith advised M&P.
Mark Bertram commented "We were delighted to work for the first time with Tuscany and their principal advisers Osler, Hoskin & Harcourt. This was a transaction requiring a focused and coordinated specialist international team. It was particularly pleasing therefore to work alongside our colleagues in our Paris office and those in our Africa Business Unit. We wish Tuscany and Caroil well with their new combined operations in the high growth African and Latin America markets."
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