Printer Friendly

DRECO ENERGY SERVICES LTD. - COMPANY'S JOINT VENTURE AGREE TO EXTEND VALIDITY OF BID

 EDMONTON, Alberta, June 1 /PRNewswire/ -- Dreco Energy Services Ltd. (NASDAQ-NMS: DREAF; Tornoto: DRE.A) today announced that the company's 75-percent-owned Norwegian joint venture, Hitec - Dreco A.S., has agreed to extend until Nov. 30, 1993, the validity of its bid to Phillips Petroleum Company Norway for replacement drilling facilities for the Ekofisk field as adjusted by the Value Engineering and Optimization Process which has been completed. This extension includes a cost escalation provision.
 The Company's Class "A" Common Shares trade on the NASDAQ National Market System under the ticker symbol DREAF and on the Toronto Stock Exchange under the ticker symbol DRE.A.
 Dreco Energy Services Ltd. designs, manufactures, markets and leases drilling equipment, machinery, and drilling tools used in the drilling and servicing of oil and gas wells worldwide.
 -0- 6/1/93
 /CONTACT: Daryl W. Ferko, VP-finance of Dreco Energy Services Ltd., 403-463-2065; or Jack Kehoe of Kehoe, White, Savage & Co., 212-888-1616, for Dreco Energy Services/
 (DREAF)


CO: Dreco Energy Services Inc.; Hitec - Dreco A.S.; Phillips
 Petroleum Company of Norway ST: Alberta IN: OIL SU: JVN


LS -- LA016 -- 3902 06/01/93 11:24 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 1, 1993
Words:188
Previous Article:CAMBRIDGE BIOCHEMICS INC. ANNOUNCES FIRST SALE
Next Article:CASCADE MEDICAL SIGNS MALAYSIAN DISTRIBUTION AGREEMENT; CONTINUES EXPANSION INTO PACIFIC RIM FOR CHECKMATE SYSTEM
Topics:


Related Articles
DRECO ENERGY SERVICES LTD. SIGNS CONTRACT
DRECO ENERGY SERVICES LTD. ANNOUNCES HITEC-DRECO A.S. REACHES CONDITIONAL UNDERSTANDING
DRECO ENERGY ANNOUNCES CONCLUSION OF FORMAL CONTRACT NEGOTIATIONS
Dreco Energy Services Approve Agreement to Acquire Vector Oil Tool Ltd.
ATTENTION BUSINESS/FINANCIAL EDITORS:
Forbes Energy Services Announces Joint Venture to Provide Oilfield Services in Mexico.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters