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Transaction Solidifies Leadership Position in Local Modular Marketplace BALTIMORE - May 2, 2007 - Williams Scotsman, Inc. today announced the acquisition of approximately 120 mobile office and storage container units from Anchorage-based Arctic Modular, Inc., Alaska's largest supplier of prefabricated buildings to schools, commercial businesses, construction companies, and oil and mining developers for more than 40 years. The transaction, which is structured as an asset purchase, is intended to support Williams Scotsman's business and fleet expansion strategy in the growing Alaskan market, with a focus on oil and gas exploration, production, and distribution. According to a recent survey published by Petroleum News, Alaska holds great potential for oil and gas exploration. Recognizing the need for workforce housing camps at drill sites, Williams Scotsman is uniquely positioned to provide an array of specialized projects and services to meet the needs for these customers who tend to work under extremely rigorous conditions. Fleet assets from the acquisition will be folded into the operations of the company formerly known as Alaska Modular Space, which was Williams Scotsman's first foray into Alaska. "We are enthusiastic about our expanded presence in Alaska," commented Alec McDonald, vice president and general manager for Williams Scotsman Canada. "This deal combined with our March acquisition of Alaska Modular Space underscores our commitment to providing efficient temporary and permanent facilities, particularly workforce camps." |