BAKKEN OIL BUSINESS JOURNAL

BakkenJournal_Apr-May17

The BAKKEN OIL BUSINESS JOURNAL is a high-gloss, full-color magazine with a targeted distribution that gets our Advertisers in front of the RIGHT EYES in this industry. Direct mailed to Companies in the Bakken with bonus distribution at Energy Shows.

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22 B A K K E N O I L B U S I N E S S J O U R N A L April/May17 ➤ continued from pg 11 Clariant Oil Services 517 Well Street, Williston, ND 58801 +1 701 651 8023 www.oil.clariant.com Clariant Oil Services YOUR OILFIELD CHEMICALS AND SERVICES PROVIDER IN THE BAKKEN innovation assured. value delivered. Kasler generated revenue of $162 mil- lion. But Washington earned $13.6 million, compared with Kasler's $6.5 million. On May 17, 1996, the Morrison Knud- sen Corporation announced plans to merge with the Washington Construc- tion Group. In the agreement, Wash- ington paid $205 million in cash and assumed $50 million in outstanding loans. The deal created a company worth $2.2 billion. For Morrison Knud- sen, the deal was a lifesaver as the company had been driven into near bankruptcy by its former chairman. As they say, timing is everything. Sometimes, the smart move is to sell. That day arrived in November, 2007. At that time Dennis Washington decid- ed to sell his construction operations to URS Corp. for $3.1 billion. Today, Washington Companies are engaged in: • marine transportation • mining • rail transportation • heavy equipment distribution • environmental remediation • aviation technology and service Dennis Washington and his wife are also philanthropists. Their wealth has enabled them to support many programs, which they fund through the Dennis and Phyllis Washington Foundation. Through their charitable foundation they have given away about $250 million dollars. They are big supporters of programs in education, health and human services, arts and culture, and community service. At 82, Dennis Washington isn't ready to stop making deals. He recently offered $1.1 billion to acquire Dominion Diamond Corporation (NYSE: DDC). The company is a Canadian diamond mining enterprise that was previously known as Harry Winston. Last year it booked revenue of $720 million and net loss of $34 million. Based on Washington's history, he clearly believes he can do better. Negotiations are underway at this time. If the past is prologue, he'll turn this rough stone into another gem. ■ Chris Bischof is the Executive Editor of the Bakken Oil Business Journal. Previously he worked as a securities analyst and financial writer. He lives in New York City. Chris can be reached at exec.editor@bakkenoilbiz.com. Washington Companies

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