Trican Well Service Ltd. has closed the sale of its Russian pressure pumping business to RN Assets LLC, a subsidiary of Rosneft Oil Co., according to a news release.
The transaction involves the sale of all shares of Trican Well Service LLC, an indirect wholly-owned subsidiary of Trican that holds the Russian pressure pumping business, to Trican for a purchase price of $150 million, the release said. The amount includes an initial working capital adjustment of $10 million, with additional working capital and net debt adjustments to be determined.
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