With the closing of the merger, ICD will more than double the size of its pad-optimal rig fleet to 34 rigs following modest upgrades to five Sidewinder rigs. The combined company’s management team will be led by Anthony Gallegos, Sidewinder’s current President & Chief Executive Officer, who also will serve as a director of the combined company, and Philip Choyce, ICD’s current Executive Vice President & Chief Financial Officer. Upon closing of the merger, the combined company’s board of directors will consist of four existing ICD board members, including Thomas R. Bates, James D. Crandell, Matthew D. Fitzgerald, and Daniel F. McNease, as well as Mr. Gallegos, and two additional members, James Minmier and Adam Piekarski, appointed by the former owners of Sidewinder.
Anthony Gallegos commented, “We are extremely excited about what this strategic combination means for Independence Contract Drilling. The combination of fleets, management teams and people continues ICD’s strategic direction as a pure play, pad-optimal growth company focused on North America’s most prolific oil and gas plays. ICD adds significant operational and financial scale and flexibility, and recharges growth through imbedded organic opportunities within the acquired Sidewinder fleet that are executable with very attractive investment returns. Our integration plans are in place and we are focused on realizing and exceeding the high end of our synergy expectations over the next several quarters.”
Please visit our new home at www.icdrilling.com