Xtreme Drilling and Coil Services Corp. and its affiliates (Xtreme), completed the purchase of a 20 per cent ownership interest its Saudi Arabian and related equipment joint ventures from its joint venture partner, Suhayl Abdul Mohsin Al Shoaibi & Sons Holding Company Limited and its affiliates (the Shoaibi Group). The transaction provided Xtreme with a 100 per cent ownership interest in the joint venture companies and terminated the joint ventures that were formed in March 2010.
Xtreme designs, builds, and operates a fleet of high specification drilling rigs and coiled tubing well service units featuring proprietary technology. Headquartered in Saudi Arabia, the Shoaibi Group works with local and international partners in various sectors, including the oil and gas industry, to introduce technology to Saudi Arabia and the wider Middle East.
Xtreme was advised in Canada by a team from Stikeman Elliott LLP that included Glenn Cameron and Bradley Ashkin; by AMMC Law S.A. in Luxembourg with a team including Marjorie Allo and Christopher Clarke; by Baker Botts L.L.P., as to certain Saudi Arabian legal matters, with a team including Stephen Matthews and Shadi Haroon. The Shoaibi Group was advised internally by its General Counsel, Michael Priester, and as to certain closing arrangements by Ivan Shiu from Hogan Lovells International LLP.