(Alliance News) - Oilfield services firm Range Resources Ltd said Friday it will receive a late closing fee from the buyer of four of its drilling rigs, amid an extension to the closing date of the sale.
In late October, a unit of Range - Range Resources Drilling Services Ltd - agreed to sell four drilling rigs to Wilson Energy Services Inc for USD3.6 million in a bid to cut costs and improve liquidity.
The deal was initially expected to complete on Friday. Following a delay, however, Wilson and Range have agreed to extend the deadline for completion to November 22.
As a result of the delay, Wilson will be subject to an unspecified late-closing fee.
Shares in Perth, Australia-based Range were 2.9% higher at 0.036 pence in London on Friday.
By Ahren Lester; ahrenlester@alliancenews.com
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