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Ritchie Alberta auction sets new records as oil slump lingers

Published 2016-05-02, 12:02 p/m
© Reuters. Ritchie Alberta auction sets new records as oil slump lingers
RBA
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CALGARY, Alberta, May 2 (Reuters) - Ritchie Bros.
Auctioneers RBA.TO sold more than C$240 million ($191.53
million) of equipment at its biggest ever Canadian auction over
the weekend, as Alberta's struggling oil sector continues to
downsize amid a persisting crude price slump.
The world's largest industrial equipment auctioneer said on
Monday it set new company records for the number of sellers and
registered bidders at its five-day Edmonton, Alberta, auction.
Last year, Ritchie Bros had its best-ever year as plunging
global crude prices forced struggling oilfield service companies
to sell off equipment, which was picked up by other sectors
including agriculture, transportation and forestry.
"Approximately 46 percent of the equipment was purchased by
Alberta buyers, showcasing the strength and size of this market
even when there are economic challenges," said Brian Glenn,
Senior Vice President of Ritchie Bros, referring to the most
recent auction.
Ritchie Bros shares were last up 0.6 percent on the Toronto
Stock Exchange at C$36.22.
($1 = 1.2531 Canadian dollars)

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