Precision Drilling Corporation Announces $75 Million in Senior Note Redemptions and Open Market Debt Repurchases and Provides...
12 Giugno 2018 - 12:00PM
This news release contains "forward-looking
information and statements" within the meaning of applicable
securities laws. For a full disclosure of the forward-looking
information and statements and the risks to which they are subject,
see the "Cautionary Statement Regarding Forward-Looking Information
and Statements" later in this news release.
Precision Drilling Corporation (“Precision”) (TSX:PD) (NYSE:PDS)
announced today that it expects to complete on June 15, 2018 a
partial redemption of US$50 million principal amount of its 6.50%
senior notes due 2021. In addition, Precision has made open
market repurchases totaling US$8 million principal amount of its
2021 and 2024 notes. Both the partial redemption and open market
repurchases were funded with cash flow generated in the second
quarter. These transactions account for total debt reduction of
approximately $75 million with annualized interest savings of
approximately $5 million. We are pleased with the progress we have
made towards our longer-term goal of reducing debt by $300 million
to $500 million by the end of 2021 and we will monitor further
opportunities to reduce debt throughout 2018.
Precision currently has 76 active rigs in the
U.S., up from the first quarter average of 64 rigs. We are
mobilizing a ST-1500 rig from Canada to the Northeast U.S. in the
next month to begin working on a multi-year contract and expect to
continue to increase our active rig count through the summer.
In Canada, we currently have 34 active rigs as second quarter
activity is recovering from spring break-up seasonal lows, and we
expect to see customer demand in line with 2017 levels for the
second half of 2018. Precision currently has five active rigs in
Kuwait and three active rigs in Saudi Arabia.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION AND STATEMENTS
Certain statements contained in this report,
including statements that contain words such as "could", "should",
"can", "anticipate", "estimate", "intend", "plan", "expect",
"believe", "will", "may", "continue", "project", "potential" and
similar expressions and statements relating to matters that are not
historical facts constitute "forward-looking information" within
the meaning of applicable Canadian securities legislation and
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the United States Private Securities
Litigation Reform Act of 1995 (collectively, "forward-looking
information and statements").
In particular, forward looking information and
statements include, but are not limited to, the following:
- the timing and completion of the partial redemption of the
Notes, the redemption price and the use of cash on hand to do
so;
- anticipated future debt reduction;
- anticipated activity levels in 2018; and
- anticipated customer demand in 2018.
These forward-looking information and statements
are based on certain assumptions and analysis made by Precision in
light of our experience and our perception of historical trends,
current conditions, expected future developments and other factors
we believe are appropriate under the circumstances. These include,
among other things:
- the fluctuation in oil prices may pressure customers into
reducing or limiting their drilling budgets;
- the status of current negotiations with our customers and
vendors;
- customer focus on safety performance;
- existing term contracts are neither renewed nor terminated
prematurely;
- our ability to deliver rigs to customers on a timely basis;
and
- the general stability of the economic and political
environments in the jurisdictions where we operate.
Undue reliance should not be placed on
forward-looking information and statements. Whether actual results,
performance or achievements will conform to our expectations and
predictions is subject to a number of known and unknown risks and
uncertainties which could cause actual results to differ materially
from our expectations. Such risks and uncertainties include, but
are not limited to:
- volatility in the price and demand for oil and natural
gas;
- fluctuations in the demand for contract drilling, well
servicing and ancillary oilfield services;
- our customers’ inability to obtain adequate credit or financing
to support their drilling and production activity;
- changes in drilling and well servicing technology which could
reduce demand for certain rigs or put us at a competitive
disadvantage;
- shortages, delays and interruptions in the delivery of
equipment supplies and other key inputs;
- the effects of seasonal and weather conditions on operations
and facilities;
- the availability of qualified personnel and management;
- a decline in our safety performance which could result in lower
demand for our services;
- changes in environmental laws and regulations such as increased
regulation of hydraulic fracturing or restrictions on the burning
of fossil fuels and greenhouse gas emissions, which could have an
adverse impact on the demand for oil and gas;
- terrorism, social, civil and political unrest in the foreign
jurisdictions where we operate;
- fluctuations in foreign exchange, interest rates and tax rates;
and
- other unforeseen conditions which could impact the use of
services supplied by Precision and Precision’s ability to respond
to such conditions.
Readers are cautioned that the forgoing list of
risk factors is not exhaustive. Additional information on these and
other factors that could affect our business, operations or
financial results are included in reports on file with applicable
securities regulatory authorities, including but not limited to
Precision’s Annual Information Form for the year ended December 31,
2017, which may be accessed on Precision’s SEDAR profile at
www.sedar.com or under Precision’s EDGAR profile at www.sec.gov.
The forward-looking information and statements contained in this
news release are made as of the date hereof and Precision
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, except as required by
law.
About Precision
Precision is a leading provider of safe and High
Performance, High Value services to the oil and gas industry.
Precision provides customers with access to an extensive fleet of
contract drilling rigs, directional drilling services, well service
and snubbing rigs, camps, rental equipment, and wastewater
treatment units backed by a comprehensive mix of technical support
services and skilled, experienced personnel.
Precision is headquartered in Calgary, Alberta,
Canada. Precision is listed on the Toronto Stock Exchange
under the trading symbol “PD” and on the New York Stock Exchange
under the trading symbol “PDS”.
For further information, please contact:
Carey Ford, CFASenior Vice President and Chief
Financial Officer713.435.6111
Ashley Connolly, CFAManager, Investor
Relations403.716.4725
Precision Drilling Corporation800, 525 - 8th
Avenue S.W.Calgary, Alberta, Canada T2P 1G1Website:
www.precisiondrilling.com
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