Precision Drilling to acquire CWC Energy Services for $141m.

Transaction Tags

• oil and gas
• drilling
• Acquisition
• Majority
• Friendly
• Canada
• Offshore Drilling and Other Services
• Domestic
• Public
• Pending
• Single Bidder

Synopsis

Precision Drilling, a drilling rig contractor, agreed to acquire CWC Energy Services, a drilling oil and gas wells company, for $141m. “This acquisition supports our High Performance, High Value strategy as it allows us to expand our service offering in both Canada and the US with high-quality rigs and field personnel. With the expected synergies and by further leveraging our scale, we believe the transaction will be accretive to earnings and provide significant cash flow to drive shareholder returns and support our debt reduction strategy. I am excited to welcome the CWC employees to the Precision team,” Kevin Neveu, Precision Drilling President and CEO.

Sources