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Hunting completes delayed sale of Gibson Energy

LONDON
Mon Dec 15, 2008 5:04am EST

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LONDON (Reuters) - Energy services firm Hunting (HTG.L) said on Monday it had completed the delayed sale of its Canadian oil and gas division for C$1.26 billions ($1 billion) and would step up its search for acquisitions with the proceeds.

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"The board of Hunting has to date reviewed a number of acquisition opportunities and with the funds now in place will progress these discussions," the firm said in a statement.

It also said it would use proceeds from the sale of Gibson Energy to invest in its Hunting Energy Services division and to eliminate net debt.

Hunting announced on August 6 that it had agreed to sell Gibson Energy to private equity firms Riverstone Holdings and Carlyle Group CYL.UL.

It said in September the deal would be delayed because it was taking longer than expected to obtain regulatory clearances.

(Reporting by Mark Potter, Editing by Rhys Jones)
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