Finance/companies briefs, Apr. 17
Starlink Capital Corp. ... Gulfstream Resources Canada Ltd. ... GEOCAN Energy Inc. �CanBaikal Resources Inc. ... ILF Consulting Engineers ... Halliburton Co.
Starlink Capital Corp., Calgary, plans to acquire Nevis Drilling Systems Ltd., Calgary. The name of the combined company will be Nevis Energy Services Inc. The Nevis board has approved the transaction and is recommending shareholders sell their shares to Starlink. The deal is expected to close by June. Terms call for Starlink to issue 51.2 million shares, or 6.3761 Starlink shares for each of the 8 million outstanding Nevis shares.
Gulfstream Resources Canada Ltd., Calgary, authorized CIBC World Markets Inc., its financial advisor, to examine strategic alternatives to maximize shareholder value, including possible sale of the company or disposition of major assets. Gulfstream also said it is preparing a response for shareholders regarding Roc Oil (Middle East) Pty. Ltd.�s unsolicited offer to buy Gulfstream. An independent committee formed by Gulfstream�s board is considering the offer. J. Angus McKee, Gulfstream chairman, has called the Roc Oil offer �unrealistic.� The Australian-based Roc Oil has offered $28.3 million (Can.) for 25.75 million Gulfstream shares.
GEOCAN Energy Inc., Calgary, has agreed to buy interests in the Carrot Creek and Tomahawk areas of west central Alberta. Closing is slated for Apr. 30. The acquisition will be funded from cash flow and from GEOCAN'S credit facility. The assets to be purchased, including both producing and undeveloped lands, will establish a new core area for GEOCAN, an exploration and production company with operations in Canada and central Europe.
CanBaikal Resources Inc. said completion of a 28-km pipeline in west Siberia in August contributed to substantially improved operating results. CanBaikal produced and sold 56,669 bbl of oil for $1.2 million in revenue for the year 2000. Earnings for 2000 were $2.93 million, or 14 ¢/share, compared with a loss of $550,059, or a loss of 4¢/share, for 1999. The company said its most important accomplishment last year was completion of the pipeline from CanBaikal�s west Siberian license to a major regional pipeline.
ILF Consulting Engineers, Munich, Germany, has formed a joint venture company in Houston with Innovative Project Solutions Inc., Houston. The venture will operate as ILF Engineers, Houston, and will provide engineering and consulting services. ILF Engineers, Houston, also will provide inspection, rehabilitation, upgrading, and modernization of pipelines.
Halliburton Co., Dallas, Tex., and Shaw Industries Ltd., Toronto, said their joint venture, Bredero-Shaw, completed the acquisition of Thermotite AS, a Norwegian company specializing in custom flow assurance insulation systems for subsea and deepwater pipeline applications. Bredero-Shaw is a pipeline coating provider operating 32 plants in 16 countries.