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Omni Closes on Rig Tools Acquisition

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Golden_Cross Member Level  Wednesday, 11/01/06 02:29:34 PM
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Omni Closes on Rig Tools Acquisition
Wednesday November 1, 1:28 pm ET
Omni Energy Services Closes on $14.1 Million Rig Tools Acquisition


CARENCRO, La. (AP) -- Omni Energy Services Corp., a provider of seismic drilling services to the oil industry, said Wednesday it closed its $14.1 million acquisition of Rig Tools Inc., and it expects the deal to boost results immediately.
Under the terms of the deal first announced in June, Omni bought the privately-held Youngsville, La.-based oil field equipment lessor for $14.1 million plus the assumption of roughly $2.1 million in debt.

Rig Tools, which has roughly 85 employees, is expected to be immediately accretive to Omni's financial results.

Omni estimates Rig Tools will earn, excluding certain expenses, $4.1 million on $13 million in sales for the year.

Shares of Omni were down 26 cents, or 2.8 percent, at $9.06 in afternoon trading on the Nasdaq.


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