Drilling company sold

One of Australia’s largest drilling companies has been bought by Transfield Services.

One of Australia’s largest drilling companies has been bought by Transfield Services.

The Toowoomba based Easternwell Group was acquired by Transfield for $575 million, as part of the company’s expansion into the coal seam gas sector.

The drilling contractor operates approximately 65 rigs, predominately in the oil and gas sector, and employs around 800 staff.

The offer comprised $540 million in cash and $35 million in scrip.

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