Precision Drilling (PDS) Misses Q2 EPS by $5.66
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Precision Drilling (PDS) Acquires Cathedral Energy's Precision Drilling Business for $6.35M; Appoints New Board Member
July 23, 2021 6:01 AM EDTCathedral Energy Services Ltd. and Precision Drilling Corporation (NYSE: PDS) are pleased to announce the closing of Cathedrals acquisition of Precisions directional drilling business (the Transaction) for a purchase price of $6,350,000. The Transaction includes operating assets and personnel of Precisions directional drilling business (including its operations facility in Nisku, Alberta), along with an additional $3 million cash investment by Precision to support growth and expansion of Cathedral, including continuing the buildout of RapidFireTM measurement-while-drilling guidance systems and nDuranceTM drilling motors. Additionally, the Transaction is expected to enhance margins as expenses related to rental... More
