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Secure And Tervita Merger Finalized

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Secure Energy Services has merged with the industrial and environmental waste services provider Tervita.

Secure provides solutions to upstream oil and natural gas companies operating in western Canada and certain regions in the US. Its network of midstream processing and storage facilities, crude oil and water pipelines, and crude by rail terminals are located throughout key resource plays in western Canada, North Dakota, and Oklahoma. Its midstream infrastructure operations generate cash flows from oil production processing and disposal, produced water disposal, and crude oil storage, logistics, and marketing.

The combined company will continue to operate as Secure Energy Services and remain listed on the TSX as TSX: SES. As a result of the amalgamation, SECURE is now the obligor under Tervita’s outstanding $500 million aggregate principal amount of 11.000% senior second lien secured notes due 2025 and other direct obligations of Tervita. The combined company will remain headquartered in Calgary, Alberta.

The combined company is expected to deliver significant estimated annual integration cost savings of $75m, to be realizable within 12 to 18 months after closing.

Rene Amirault, president and CEO of Secure, said: “We are pleased to now have closed this important transaction combining these two great companies, resulting in the creation of a larger-scale midstream infrastructure and environmental solutions business. Together, our highly talented teams will be better positioned to serve our customers, optimize existing infrastructure assets and operations and to drive greater discretionary free cash flow to the bottom line.”

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