Precision Drilling Corporation Announces Divestiture of Trucking Assets
16 Giugno 2014 - 12:00PM
Marketwired
Precision Drilling Corporation Announces Divestiture of Trucking
Assets
CALGARY, ALBERTA--(Marketwired - Jun 16, 2014) - Precision
Drilling Corporation (TSX:PD)(NYSE:PDS) ("Precision") announced
today that it has signed an agreement to sell certain assets from
its trucking operations to Aveda Transportation and Energy Services
Inc. ("Aveda"). The assets included in the sale consist of trucks
and other related assets all of which are used to support drilling
rig moving operations for Precision and third parties in Texas and
New Mexico. The asset sale is expected to close on July 1,
2014.
Kevin Neveu, Precision's President and Chief Executive Officer,
stated: "The divestiture of these non-core assets will free up
capital to invest in the growth of Precision's core businesses in
Canada, the U.S. and international markets. Additionally, we
believe the assets will be better suited in an organization
committed to growing the service capabilities of the trucking
platform these assets provide. We look forward to working with
Aveda in the future in supporting our drilling rig moving
operations in the U.S. and Canada."
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND
STATEMENTS
Certain statements contained in this news release 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 U.S. Private Securities
Litigation Reform Act of 1995 (collectively, "forward-looking
information").
In particular, forward-looking information in this news release
includes, without limitation, information relating to the date of
closing of the asset sale and use of future capital.
Forward-looking information and statements are based on certain
expectations and assumptions made by Precision, including the
assumption that the asset sale will occur in accordance with and on
the timing currently contemplated by Precision. Although Precision
believes these expectations and assumptions to be reasonable, undue
reliance should not be placed on such forward-looking information
as Precision cannot give any assurances that they will prove to be
correct. Actual results could differ materially from those
currently anticipated due to a number of factors and risks
including, without limitation, the failure by either party to
satisfy its respective closing obligations under the asset purchase
agreement and general economic, market and business conditions.
The forward-looking information contained in this press release
are made as of the date hereof and Precision does not undertake any
obligation to update publicly or revise any forward-looking
information or statements, whether as a result of new information,
future events or otherwise, unless so required by applicable
securities laws.
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, coil tubing services, camps, rental equipment, and water
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".
Precision Drilling CorporationCarey FordVice President, Finance
and Investor Relations403.716.4575403.716.4755
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