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LONDON - Upland Resources Limited (LSE:UPL) has executed binding contracts to acquire intellectual property and management systems from Vanguard Drilling Limited, according to a press release statement issued Friday.
The transaction, which was initially announced on October 1, includes the acquisition of Vanguard’s Business Management System and Mission Control Project Management Software. The deal also involves the integration of select senior drilling specialists, engineers, and project leaders from Vanguard into Upland’s projects.
As part of the agreement, Josh Galloway, Vanguard’s Chief Executive Officer, will join Upland as Head of Drilling Services to lead Upland Borneo Drilling Services under Upland Big Oil.
The company stated that the acquisition formalizes Upland’s enhanced operational capability and scalability across Southeast Asia. Upland Borneo Drilling Services will function as a regional hub for both internal projects and third-party services.
Datuk Bolhassan Di, Chairman of Upland Resources, noted that engagement is already underway across Borneo following the signing of these binding contracts.
The financial terms of the transaction were not disclosed in the announcement.
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