AKITA Adds Six Rigs, Enters Multi-Year Utilization Deal with Paramount
According to Drilling Contractor, AKITA Drilling has closed its acquisition of Fox Drilling from Paramount Resources, adding six triple drilling rigs, including five high-specification AC walking rigs, operating in the Western Canadian Sedimentary Basin. AKITA issued Paramount over 19.2 million common shares as consideration, and the two companies signed a three-year rig utilization agreement committing Paramount to 2,700 rig days. AKITA also simplified its share structure, with combined shares set to trade under the single ticker AKT starting July 6.
What It Means for Subcontractors
- A guaranteed 2,700-day rig commitment signals steady, multi-year drilling activity in the WCSB, good news for crews supporting rig moves, maintenance, and consumables.
- Six added high-spec AC walking rigs increase demand for specialized electrical, hydraulic, and automation service providers familiar with modern rig systems.
- Consolidation among drilling contractors often means centralized procurement, so smaller service providers should position early to stay on approved vendor lists.
