Nordic Business Report-December 8, 2006-Petrolia Drilling ASA subsidiary to acquire Independent Oil Tools AS (C)1994-2006 M2 COMMUNICATIONS LTD http://www.m2.com The Norwegian offshore drilling contractor Petrolia Drilling ASA said on Friday (8 December) that its wholly owned subsidiary Petrolia Shashin AS has signed an agreement to acquire Independent Oil Tools AS, a subsidiary of IOT Holding ASA. Independent Oil Tools is an international offshore equipment rental and oilfield service company with facilities or presence in Norway, Australia, New Zealand, Singapore and Dubai, serving nearby offshore clients. Independents main product categories include tubing, drill pipe, casing and handling equipment. Independent is expected to generate 2006 revenues of approximately NOK185m, operating profit (EBITDA) of approximately NOK110m. Petrolia Drilling will pay a consideration of NOK380.0m for Independent. The consideration is payable in cash upon closing of the acquisition, which is expected to take place before 31 December 2006. The acquisition will be financed through existing cash and available credit facilities. Petrolia Drilling, headquartered in Oslo, Norway, owns and charters drilling vessels for offshore, deepwater oil and gas exploration and development drilling. The company is listed on the is listed on the Oslo Stock Exchange and traded under the ticker PDR. One British pound (GBP) is worth approximately 12.21 Norwegian kroner (NOK). ((Comments on this story may be sent to [email protected]))