01:10 PM EST, 03/07/2024 (MT Newswires) -- Total Energy Services Inc. ( TOTZF ) said Thursday that its wholly-owned subsidiary Savanna Energy Services Pty Ltd. has closed the purchase of the shares of Saxon Energy Services Australia Pty Ltd. from SLB.

The company paid US$34.8 million on closing and US$2 million less any post-completion adjustments will be paid on the first anniversary of completion.

The purchase has increased Savanna Australia's land drilling rig fleet to 16 rigs and increased the depth capacity of such fleet. A 17th drilling rig is currently under construction for Savanna Australia and is expected to start operating in July under a long-term contract.

The company funded the deal with cash on hand and existing credit facilities.

Additionally, the company tapped Muhammad Yasir Nisar to serve as assistant vice president of drilling services of Total Energy.

The company's shares slipped 0.6% on last look on Thursday.

Price: 9.51, Change: -0.06, Percent Change: -0.63