Australian firm Everyday Mining Services (EDMS) has entered into a binding agreement to merge with Hughes Drilling.

Under the terms of the agreement, EDMS will acquire 100% of Hughes, which will include Hughes Drilling and Express Hydraulics business.

EDMS will issue 721 million ordinary shares and 360 million performance shares to Hughes Drilling.

Hughes Drilling is a premier coal production drilling specialist with a drilling fleet of 24 production rotary drill rigs, which operates at eight mine sites.

Express Hydraulics is a drill rig maintenance and parts supplier and the Australian distributor of Reichdrill, a premium blast hole drill manufacturer based in the US.

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The Hughes Drilling drill fleet is comprised of 24 production rotary drill rigs, the majority of which are Reichdrill rigs that are under three years old.