SCF Acquires IPS Shares

On July 3, 2002, SCF-IV, L.P. (SCF) completed an offer to purchase 57 per cent of the issued and outstanding shares of Integrated Production Services Ltd. (IPS) not already owned by SCF. Under the offer, SCF acquired 14.7 million common shares of IPS at $3.05 per share for approximately $45 million.

Houston-based SCF is in the business of investing capital in the worldwide energy service and equipment industry. Calgary-based IPS is engaged in the business of Western Canada and international oilfield services.

Bennett Jones LLP represented SCF, with a team including Robert Lehodey, John MacNeil, Chris Skelton and Chip Johnston (corporate/commercial) and Darcy Moch (tax). Brock Gibson and Scott Cochlan of Blake, Cassels & Graydon LLP represented IPS.