Precision Drilling Corporation anncounces the sale of its Energy Services and International Drilling divisions to Weatherford In
01 September 2005 - 12:58AM
PR Newswire (US)
CALGARY, Aug. 31 /PRNewswire-FirstCall/ -- Precision Drilling
Corporation ("Precision") is pleased to announce that it has
completed the sale of its Energy Services and International
Drilling divisions to Weatherford International Ltd.
("Weatherford") for a purchase price consisting of 26,000,000
common shares of Weatherford and Cdn $1,130,000,000 cash
consideration. Weatherford common shares trade on the New York
Stock Exchange and the closing price of a Weatherford common share
was US $67.71 on August 31, 2005. In addition, Precision has
reached an agreement in principal with a private purchaser to sell
all of its shares of CEDA Holdings Ltd. for a cash purchase price
of about Cdn $273,000,000. CEDA Holdings Ltd. is the parent company
of a number of subsidiaries, which together carry on Precision's
industrial cleaning, catalyst handling and mechanical services
businesses. It is anticipated that a definitive purchase and sale
agreement will be entered into and this transaction should close on
or about September 12, 2005. Precision Drilling Corporation is
listed on the Toronto Stock Exchange under the trading symbols "PD
and PD.U" and on the New York Stock Exchange under the trading
symbol "PDS". DATASOURCE: Precision Drilling Corporation CONTACT:
Hank B. Swartout, Chairman, President and Chief Executive Officer,
4200, 150 - 6th Avenue S.W., Calgary, Alberta, T2P 3Y7, Telephone
(403) 716-4500, Fax (403) 264-0251; website:
http://www.precisiondrilling.com/; Archived images on this
organization are searchable through CNW Photo Archive website at
http://photos.newswire.ca/. Images are free to accredited members
of the media. To request a free copy of this organization's annual
report, please go to http://www.newswire.ca/ and click on
reports@cnw.
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