Ironbridges exits oil rig company
Ironbridge has sold investee company Easternwell to engineering and maintenance services provider Transfield for A$575 million ($567 million). Sydney-based Transfield will pay A$540 million ($532 million) in cash and A$35 million ($34.5 million) in shares for the oil rig and well-servicing target, which has 65 rigs and employs around 800 people.
Easternwell will bolster Transfield's revenues by 6% and contribute A$40 million ($39.5 million) in underlying earnings in the six months ending June 30, 2011. Easternwell was being groomed for an exit...
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