Encana Corp. completed the series of reorganization transactions on Jan. 24 that among other things establishes its corporate domicile in the U.S. under a new moniker.
After several years of shifting its focus to U.S. shale, the Calgary, Alberta-based company announced last October it intended to shift its headquarters in order to better compete in the broader markets.
“A domicile in the United States will expose our company to increasingly larger pools of investment in U.S. index funds and passively managed accounts, as well as better align us with our U.S. peers,” CEO Doug Suttles said in an Oct. 31 statement.
The company received shareholder approval earlier this month for the move, which including rebranding to Ovintiv Inc. More than 90% of Encana shareholders voted in favor of the reorganization, according to the company release.
Shares of Encana will be suspended from trading on the New York and Toronto stock exchanges on Jan. 27 at which time the company will begin trading as Ovintiv under the “OVV” symbol.
Citi was financial adviser to Encana. Blake, Cassels & Graydon LLP served as the company’s Canadian corporate counsel and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as its U.S. corporate counsel. Felesky Flynn LLP provided Canadian tax counsel and Osler, Hoskin & Harcourt LLP acted as tax counsel in the U.S.
The three-year agreement, which includes options to extend, is estimated to be worth up to US$95 million over the term.
DOF has been awarded contracts for three ROV Support Vessels (RSV) with Petroleo Brasileiro SA, the company said on Feb. 22.
Searcher Seismic has completed the regional multiclient airborne gravity, gravity-gradiometry and magnetics survey covering the transition zone of the Gulf of Papua, the company said on Feb. 13.