252M

Nabors Industries announced that it will buy Canada’s Enserco Energy Service Co. for C$15.50/share (US$252 million plus assumed debt of C$36.9 million) in cash or exchangeable shares, or about a 5% premium to last Monday’s closing price on the Toronto Stock Exchange. The friendly offer follows Nabors’ C$93 million acquisition of Command Drilling last fall and sustains the trend of U.S. energy companies buying up their Canadian counterparts to capitalize on Canada’s growing share of the North American natural gas market. It also continues the consolidation in the drilling and oilfield service sector.