This follows the second meetings of creditors of Hughes Drilling Limited and 13 related entities.
Hughes’ East Coast operations comprises a fleet of 35 large drill rigs and circa 140 employees providing services under contract to a number of major mine operators and owners in Queensland and New South Wales generating annual revenues of around $40 million.
The acquisition will be earnings accretive with the purchase consideration of $11 million (subject to certain completion adjustments) being funded from NRW’s existing cash reserves.
Hughes’ East Coast Operations have continued to receive strong contract tender enquiries with a current order book of $50 million.