Akita Drilling to acquire Fox Drilling from Paramount Resources

Akita Drilling agreed to acquire Fox Drilling, the drilling subsidiary of Canadian E&P company Paramount Resources, in an all-share transaction expected to close in June 2026.

Akita will issue 19,264,270 voting common shares to Paramount in exchange for Fox’s assets, which consist of six triple drilling rigs – five of them high-specification AC walking rigs – used to drill Paramount’s wells and available for third-party contracting.

Paramount also agreed to a drilling services arrangement with Akita at closing, committing to use Fox rigs or equivalent Akita rigs for a total of 2,700 days over the three years following close.