Mullen to buy Kam’s Oilfield Hauling
ALDERSYDE, Alta. (Sept. 10, 2002) — Mullen Transportation said it has agreed to acquire all of the assets and business of Kam’s Oilfield Hauling, based in Lloydminster, Alta. Financial terms were not disclosed.
Mullen said the acquisition consists of 40 specialized oilfield power units, more than 100 trailers, and miscellaneous equipment. The agreement includes assets from Kam’s oilfield equipment rental business, including 50 well-site units, 35 mud tanks, and three 20-man camp units.
Company chairman, president, and chief executive Murray Mullen said the climate for consolidation among oilfield services firms in improving, and cited a “dramatic shift in the expectations of the seller over the summer months, probably as a result of the slowdown in oil and gas drilling activity.”
Mullen said the acquisition will add more than $15 million in annualized revenues.
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