ADDITIONAL ACQUISITIONS

6 Months Ended

Jun. 30, 2011

ADDITIONAL ACQUISITIONS

ADDITIONAL ACQUISITIONS

(16) ADDITIONAL ACQUISITIONS

On July 29, 2011, the Company acquired from Logan International Inc. and certain of its subsidiaries substantially all of the assets of Logan’s Destiny Resource Services (“Destiny”) division. Destiny is engaged in the business of providing geospatial, line clearing and drilling services in Canada and the United States.  The purchase price was approximately CDN $38 million in cash, subject to a post-closing adjustment based upon an assumed target amount of working capital.  Acquisition related costs of $0.1 million were included in selling, general and administrative expenses in the Company’s consolidated statements of income for both the three and six months ended June 30, 2011.  The Company acquired Destiny to expand its growing Oil and Gas Field Services segment and expects Destiny to enhance the Company’s service offerings to its customers and its reputation as a leading provider of comprehensive field services for the oil and gas sectors. The Company is in the process of performing its acquisition accounting.

On May 31 and July 29, 2011, respectively, the Company signed an agreement to acquire all of the outstanding stock of a privately owned U.S. company which specializes in treating refinery waste streams primarily in the United States and an agreement to acquire all of the outstanding stock of a privately owned Canadian company which manufactures products relating to the Company’s lodging business. The combined purchase price for both such companies under such agreements is approximately U.S. $100 million. Each such proposed acquisition is subject to customary closing conditions, and no assurance can be given that either or both of such proposed acquisitions will be consummated.

The Company funded the acquisition of Destiny on July 29, 2011, and plans to the fund the acquisition of the two additional private companies described in the preceding paragraph, using a portion of the Company’s available cash at June 30, 2011.