Transaction|December 16, 2016
Precision Drilling enters agreement to swap its Canadian coil tubing operations for Essential Energy Services' service rig business
Torys acted as counsel to Precision Drilling with a team that included Stephanie Stimpson, Amy Maginley and Brandon Schur (corporate/M&A) and Craig Maurice (tax).
On December 12, 2016, Precision Drilling Corporation ("Precision") announced that it entered into an agreement to swap its Canadian Coil Tubing operations for Essential Energy Services Ltd.'s ("Essential") service rig business in a transaction valued at $28 million. In addition to the swap of assets, Precision will make a cash payment of C$12 million to Essential.
The transaction closed on December 16th, 2016.
Precision is a leading provider of safe and high performance, high value services to the oil and gas industry.
Essential provides oilfield services to oil and natural gas producers, primarily in western Canada.
Further information can be found on Marketwired's website.