RMC invests in growth of oilfield service provider Snubco

Canadian energy private equity firm Resource Merchant Capital (RMC) has supplied convertible debenture financing to Snubco Group Inc, a Nisku, Alberta-based provider of pressure control services to the oil and gas industry. No financial terms were disclosed. Founded in 1996, Snubco provides snubbing, well servicing, well control and freeze-hot tapping services to customers in Canada, Europe, the Middle East and North Africa. John Taskinen, Snubco’s president and majority shareholder, said the funds raised will support his company's growth initiatives, including the manufacture of a thermal heavy oil rod-stripping unit.

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