Precision Drilling announces combination with Trinidad Drilling

October 05, 2018

Torys is representing Precision Drilling with a team that includes Stephanie Stimpson, Neville Jugnauth, Mike Pedlow, Lianne Tysowski and Brandon Schur (corporate/M&A), Amy Maginley (oil & gas), Craig Maurice (tax), Omar Wakil and Chris Caparelli (competition) and Mile Kurta (U.S. securities).

On October 5, 2018, Precision Drilling Corporation ("Precision") announced that it entered into a plan of arrangement agreement with Trinidad Drilling Limited ("Trinidad"). Pursuant to the arrangement agreement, Precision will acquire all of the issued and outstanding common shares of Trinidad on the basis of 0.445 common shares of Precision for each outstanding share of Trinidad, for an aggregate transaction value of approximately C$1,028 million, including the assumption of approximately C$477 million in Trinidad net debt. Upon completion of the transaction, existing holders of Trinidad shares will collectively own approximately 29% of Precision.

The transaction is expected to be completed in late 2018, subject to TSX, court and regulatory approvals and the satisfaction of other customary closing conditions.

Precision is a leading provider of safe and High Performance, High Value services to the oil and gas industry.

Trinidad is an industry-leading contract driller, providing safe, reliable, expertly-designed equipment operated by well-trained and experienced personnel.

Further information can be found on Globe Newswire’s website.