09:58 AM EST - Foraco International SA : announced it has entered into a binding agreement to acquire John Nitschke Drilling, ("JND"). JND is a leading drilling services provider and has provided diamond, reverse circulation and water related drilling services for some of the largest resource and energy companies in Australia since 1980. Headquartered in Hanndorf, north of Adelaide, South Australia and privately owned, JND has activities in all of the main mining states in Australia: Western Australia, Queensland, New South Wales and South Australia, and specializes in iron ore, coal seam gas and coal drilling as well as water well drilling. JND's fleet consists of 15 rigs: four diamond/rotary rigs, four reverse circulation rigs and eight multipurpose rigs, as well as ancillary equipment, all supported by skilled managers and workers. During the 12 months ending June 30, 2012 over 50% of JND's business was derived from iron ore, 25% from CSG and 25% from Coal, with 100% of its total revenue being sourced from global majors. JND generated approximately $49 million U.S. revenue in that period with an Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) margin of approximately 26.7%. Foraco International SA
shares T.FAR are trading unchanged at $3.43.
