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ASRC Energy Services Completes Divestment of Tri Ocean Engineering


On October 4, 2010, ASRC Energy Services, Inc., a subsidiary of Arctic Slope Regional Corporation, completed the sale of ASRC Energy Services Tri Ocean Engineering Ltd. to Toyo Engineering Corporation. ASRC Energy Services Tri Ocean Engineering Ltd. will be renamed Tri Ocean Engineering Ltd.

Mark Nelson, CEO and President of ASRC Energy Services, said that "While we remain focused on our businesses in Alaska and the rest of the United States, we look forward to maintaining a business relationship with Tri Ocean Engineering and growing our relationship with Toyo Engineering in Canada and the United States."

Tri Ocean Engineering is an engineering firm based in Calgary, Alberta, that provides engineering, procurement and project management services to energy companies in connection with the Canadian upstream energy industry. Tri Ocean Engineering has been in business since 1976 and currently employs approximately 120 people.

No financial details were disclosed.

About ASRC and ASRC Energy Services
Arctic Slope Regional Corporation is owned by and represents the business interests of the Arctic Slope IƱupiat. Since opening enrollment in 1989 to Alaska Natives born after 1971, the corporation's shareholder base has nearly tripled, growing from the 3,700 original enrollees to around 11,000 today. The headquarters is in Barrow, Alaska, with administrative and subsidiary offices located in Anchorage and throughout the United States. ASRC, along with its family of companies, is the largest Alaskan-owned company, employing approximately 10,000 people worldwide.

ASRC Energy Services, Inc. is a wholly owned subsidiary of ASRC. It is a leading oil and gas service company with headquarters in Anchorage, Alaska. ASRC Energy Services operates in Alaska, California and Louisiana and offers complete services throughout the life of an oil and gas field. With nearly 4,000 employees, ASRC Energy Services (with its subsidiaries) is one of Alaska's largest private employers and the largest oilfield services employer in the state.
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