Precision Drilling to buy CWC Energy Services in deal valued at $141M
Advertisement
Read this article for free:
or
Already have an account? Log in here »
We need your support!
Local journalism needs your support!
As we navigate through unprecedented times, our journalists are working harder than ever to bring you the latest local updates to keep you safe and informed.
Now, more than ever, we need your support.
Starting at $15.99 plus taxes every four weeks you can access your Brandon Sun online and full access to all content as it appears on our website.
Subscribe Nowor call circulation directly at (204) 727-0527.
Your pledge helps to ensure we provide the news that matters most to your community!
To continue reading, please subscribe:
Add Brandon Sun access to your Free Press subscription for only an additional
$1 for the first 4 weeks*
*Your next subscription payment will increase by $1.00 and you will be charged $20.00 plus GST for four weeks. After four weeks, your payment will increase to $24.00 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 07/09/2023 (841 days ago), so information in it may no longer be current.
CALGARY – Precision Drilling Corp. has signed an agreement to acquire CWC Energy Services Corp. in a deal valued at about $141 million including shares, cash and assumed debt.
Precision CEO Kevin Neveu says the deal expands the company’s service business in both Canada and the U.S. with high-quality rigs and field personnel.
The acquisition will add 62 marketed service rigs and seven marketed drilling rigs in Canada as well as 11 marketed drilling rigs in the U.S., including seven AC triple rigs.
Under the deal, which requires CWC shareholder and other approvals, Precision will pay a total of 947,909 Precision shares and about $14 million in cash while assuming CWC’s outstanding debt.
The implied blended offer price works out to 19.7 cents per CWC share based on Precision’s closing price on Sept. 1.
CWC shares closed at 20.5 cents on the TSX Venture Exchange on Wednesday.
This report by The Canadian Press was first published Sept. 7, 2023.
Companies in this story: (TSX:PD, TSXV:CWC)