Gibson to buy U.S. oilfield services company OMNI, hikes payout

Thu Oct 11, 2012 4:28pm EDT

* Acquires oilfield environmental company for $445 million
    * Will boost Gibson's U.S. presence
    * Raises dividend by 4 percent
    * Plans receipt offer to raise as much as C$403 mln

    CALGARY, Alberta, Oct 11 (Reuters) - Gibson Energy Inc
, operator of the largest independent fleet of for-hire
oil trucks in the United States, said on Thursday it has agreed
to buy OMNI Energy Services Inc for $445 million to boost the
size of its U.S. oilfield production and environmental services
business.
    The Calgary, Alberta-based company also said it will raise
its quarterly dividend by one Canadian cent to 26 Canadian cents
and sell 15.84 million subscription receipts for C$22.10 each,
for gross proceeds of C$350 million ($358.3 million), or as much
as C$403 million should underwriters exercise an option to boost
the offer size by 15 percent.
    Gibson said in a statement that OMNI's oilfield services
operations are established in many of the fastest growing oil
regions in the United States, such as North Dakota's Bakken
oil-shale field, the Eagle Ford in Texas and the Tuscaloosa
marine shale in Louisiana and Mississippi.
    The company said the acquisition brings new customers like
Exxon Mobil Corp, Anadarko Petroleum Corp and
others. 
     "OMNI broadens Gibson's footprint in most of the major U.S.
liquids focused basins (and) provides the scale we believe is
required to grow the environmental services business in North
America," Stewart Hanlon, Gibson's chief executive, said in a
release.
    The privately held OMNI has its business by 30 percent per
year since 2010. The Canadian company will add OMNI's 1,091
employees to its staff. 
    The deal is expected to close by Oct. 31, Gibson said. 
    The subscription receipt offering is co-led by BMO Capital
Markets and RBC Capital Markets. 
    Gibson shares were halted prior to the announcement. They
last traded at C$22.74 on the Toronto Stock Exchange.