Boart Longyear Ltd. has acquired Eklund Drilling Co., a U.S.-based company with headquarters in Elko, Nev., specializing in reverse circulation (RC) drilling. Eklund is expected to add approximately $50 million in annual revenues, and the acquisition will expand the company’s position in global RC drilling services.
“Eklund Drilling Co. has an excellent reputation with
many key mining clients, and is a strategic complement to our existing business,” says Scott Alexander, vice president of global drilling
services for Boart Longyear. “This acquisition expands
our footprint in a key RC market, and we look forward to welcoming Eklund
Drillng Co. to the Boart Longyear team.”
Boart Longyear is a global organization headquartered in
Salt Lake City, Utah, with offices and operations worldwide. The company is a
leading provider of drilling services and drilling products for the global
mining industry, and has a substantial presence in environmental drilling, as
well as for water exploration and oil sands. Eklund Drilling Co. will add 31
rigs to the Boart Longyear fleet and 170 employees, including a highly regarded
and seasoned management team.
“All of us at Eklund Drilling Co.
are very excited to join Boart Longyear. They are truly a first-class,
world-renowned organization,” says Lance Eklund, CEO of
Eklund Drilling Co. “We believe this new partnership
offers the perfect fit for our clients, our employees and their futures.”
“Eklund represents the fifth
acquisition that we have completed in the past year, and is one of our largest
to date,” says Craig Kipp, president and chief
operating officer of Boart Longyear. “These
acquisitions have expanded our geographic presence, improved our alignment with
major mining companies and broadened our range of product offerings.
focused pipeline of available acquisition targets is expected to continue to
provide opportunities to execute Boart Longyear’s
acquisition strategy, further solidifying our leading global market positions
in the fragmented drilling services industry, as well as the drilling products
and equipment industry,” Kipp explains.
Boart Longyear Acquires Eklund Drilling Co.
September 16, 2008