Precision Drilling acquires Canadian CWC Energy Services

Precision Drilling Corporation has announced that it has entered into an agreement to acquire all of the issued and outstanding common shares of CWC Energy Services Corp. for a total consideration of approximately US$141 million, consisting of Precision shares, cash, and assumption of CWC's debt.

Through this transaction, Precision is enhancing its fleet with the addition of 62 service rigs actively marketed in Canada, along with seven actively marketed drilling rigs in Canada and 11 in the United States, including seven AC triple rigs. Currently, three of the Canadian drilling rigs and seven of the U.S. drilling rigs are in active service for customers. This acquisition aligns with Precision Drilling's High-Performance, High-Value strategy, enabling the expansion of its service offerings in both Canada and the U.S., featuring top-quality rigs and skilled field personnel. 

Evercore is acting as the financial advisor and Osler, Hoskin & Harcourt LLP is acting as the legal advisor to Precision. The transaction is expected to be completed in Q4 of 2023 subject to CWC shareholder approval, Toronto Stock Exchange, court and regulatory approvals, Competition Bureau approval, and the satisfaction of other customary closing conditions.