Precision Drilling Announces Acquisition of CWC Energy Services
Precision Drilling Corporation (“Precision”) (TSX:PD; NYSE:PDS) is pleased to announce that it has entered into an agreement to acquire all of the issued and outstanding common shares of CWC Energy Services Corp. ("CWC") (TSXV:CWC) for total consideration of approximately $141 million, comprised of 947,909 Precision shares, valued at approximately $88 million as of September 1, 2023 market close, $14 million in cash, plus the assumption of CWC’s outstanding debt.
- Precision Drilling Corporation (“Precision”) (TSX:PD; NYSE:PDS) is pleased to announce that it has entered into an agreement to acquire all of the issued and outstanding common shares of CWC Energy Services Corp. ("CWC") (TSXV:CWC) for total consideration of approximately $141 million, comprised of 947,909 Precision shares, valued at approximately $88 million as of September 1, 2023 market close, $14 million in cash, plus the assumption of CWC’s outstanding debt.
- With this transaction, Precision adds to its fleet: 62 marketed service rigs in Canada, seven marketed drilling rigs in Canada, and 11 marketed drilling rigs in the U.S., including seven AC triple rigs.
- Currently, three of the Canadian drilling rigs and seven of the U.S. drilling rigs are actively working for customers.
- Evercore is acting as financial advisor and Osler, Hoskin & Harcourt LLP is acting as legal advisor to Precision.