Precision Drilling (PDS) Acquires Cathedral Energy's Precision Drilling Business for $6.35M; Appoints New Board Member
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Cathedral Energy Services and Precision Drilling Announce Business Transaction, Strategic Alliance and Newly Appointed Board Member
July 23, 2021 6:00 AM EDTCALGARY, Alberta, July 23, 2021 (GLOBE NEWSWIRE) -- Cathedral Energy Services Ltd. (TSX: CET) (Cathedral) and Precision Drilling Corporation (TSX: PD, NYSE: PDS) (Precision) 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... More
