Precision acquires High Arctic’s well servicing & rentals divisions
On July 18, 2022, Precision Drilling Corporation (“Precision”) announced that it entered into an asset purchase agreement to acquire the well servicing business and associated rentals assets of High Arctic Energy Services Inc. (“High Arctic”) for an aggregate purchase price of C$38.2 million, payable in cash.
An initial payment of C$10.2 million was made at closing, which took place at the end of July 2022, with the remaining balance due in January 2023.
Further information can be found on Globe Newswire’s website.
Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs.
High Arctic Energy Services is an energy services provider. It is a market leader in Papua New Guinea providing drilling and specialized well completion services and supplies rental equipment including rig matting, camps, material handling and drilling support equipment. In western Canada High Arctic provides nitrogen services and pressure control equipment on a rental basis to exploration and production companies.