Business
Precision Drilling Corporation announces the sale of its Energy Services and International Drilling divisions to Weatherford International Ltd. and a pending sale of CEDA Holdings Ltd.
Precision Drilling Corporation announces the sale of its Energy Services and International Drilling divisions to Weatherford International Ltd. and a pending sale of CEDA Holdings Ltd..
About this update from Precision Drilling Corporation
[{"type":"text","content":"\n\n\n\n\nCALGARY, Aug. 31 /CNW/ - Precision Drilling Corporation (\"Precision\") is\npleased to announce that it has completed the sale of its Energy Services and\nInternational Drilling divisions to Weatherford International Ltd.\n(\"Weatherford\") for a purchase price consisting of 26,000,000 common shares of\nWeatherford and Cdn $1,130,000,000 cash consideration.\nWeatherford common shares trade on the New York Stock Exchange and the\nclosing price of a Weatherford common share was US $67.71 on August 31, 2005.\nIn addition, Precision has reached an agreement in principal with a\nprivate purchaser to sell all of its shares of CEDA Holdings Ltd. for a cash\npurchase price of about Cdn $273,000,000.\nCEDA Holdings Ltd. is the parent company of a number of subsidiaries,\nwhich together carry on Precision's industrial cleaning, catalyst handling and\nmechanical services businesses. It is anticipated that a definitive purchase\nand sale agreement will be entered into and this transaction should close on\nor about September 12, 2005.\n\nPrecision Drilling Corporation is listed on the Toronto Stock Exchange\nunder the trading symbols \"PD and PD.U\" and on the New York Stock Exchange\nunder the trading symbol \"PDS\".\n\n%SEDAR: 00002052E\n\n\n","length":1301,"tagName":"div"}]