Precision Drilling Terminates Arrangement Agreement With Trinidad Drilling Requiring Payment of Termination Fee Following Ens...
November 27 2018 - 3:30PM
Precision Drilling Corporation (“Precision”) (TSX:PD; NYSE:PDS)
today announced that it has terminated the arrangement agreement
(the “Arrangement Agreement”) dated October 5, 2018 with Trinidad
Drilling Ltd. (“Trinidad”) following the announcement by Ensign
Energy Services Inc. that it had taken up 56.38% of the outstanding
common shares of Trinidad pursuant to its unsolicited offer to
purchase and takeover bid circular. Accordingly, payment of the
termination fee in the amount of $20,000,000 is now due and payable
to Precision in accordance with the Arrangement Agreement.
About Precision
Precision is a leading provider of safe and High
Performance, High Value services to the oil and gas industry.
Precision provides customers with access to an extensive fleet of
contract drilling rigs, directional drilling services, well service
and snubbing rigs, camps, rental equipment, and wastewater
treatment units backed by a comprehensive mix of technical support
services and skilled, experienced personnel.
Precision is headquartered in Calgary, Alberta,
Canada. Precision is listed on the Toronto Stock Exchange under the
trading symbol “PD” and on the New York Stock Exchange under the
trading symbol “PDS”.
For further information, please contact:
Carey Ford, CFASenior Vice President and Chief
Financial Officer713.435.6111 Ashley Connolly, CFAManager, Investor
Relations403.716.4725 Precision Drilling Corporation800, 525 - 8th
Avenue S.W.Calgary, Alberta, Canada T2P 1G1Website:
www.precisiondrilling.com
Precision Drilling (NYSE:PDS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Precision Drilling (NYSE:PDS)
Historical Stock Chart
From Sep 2023 to Sep 2024