Canadian Drilling Firms Akita, Xtreme To Merge

Drilling firms Akita Drilling Ltd. and Xtreme Drilling Corp. agreed to merge in a business combination valued at roughly C$209 million, the Calgary, Alberta-based companies said in a joint press release on June 5.

The combined company will operate under the Akita name and have a fleet of 44 high-spec drilling rigs with operations in several major resource basins in the U.S. and Canada.

Xtreme has a strong operating history and rig technology credentials in the U.S., which Akita said will give it immediate scale in the U.S. market including the Permian Basin, where it recently expanded.