Precision Drilling Corporation Subsidiary Acquires 99.7% Of Reeves Oilfield Services Limited
21 Maggio 2004 - 8:50PM
PR Newswire (US)
Precision Drilling Corporation Subsidiary Acquires 99.7% Of Reeves
Oilfield Services Limited CALGARY, May 21 /PRNewswire-FirstCall/ --
Precision Drilling Corporation ("Precision") announces that its
wholly owned subsidiary, Precision Holdings (UK) Limited, has
acquired 99.7% of the issued and outstanding shares of UK based
Reeves Oilfield Services Limited ("Reeves") pursuant to its
previously announced offer to acquire all of the issued and
outstanding shares of Reeves (the "Offer") for pnds stlg 92.4
million, (pnds stlg 88.4 million net of cash acquired, equivalent
to Cdn. $218 million). The Offer will remain open for acceptance
until June 10, 2004. A 100% shareholding is sought, whether this be
achieved through 100% eventual acceptances or use of the mandatory
buy-out mechanism provided in the Companies Act 1985 (United
Kingdom). Reeves' premier offering consists of a highly reliable
formation evaluation logging system that may be conveyed on
wireline or using an array of conveyance alternatives such as drill
pipe, tractors, or coil tubing. The Reeves system design enables
high quality logging data to be recorded more efficiently than
current competitors' offerings. Precision Drilling Corporation
(TSX: PD, and PDU; NYSE: PDS) is a global oilfield services company
providing a broad range of drilling, production and evaluation
services with focus on fulfilling customer needs through fit-for-
purpose technologies for the maturing oilfields of the 21st
century. With corporate offices in Calgary, Alberta, Canada and
Houston, Texas, and research facilities in the U.S. and Europe,
Precision employs more than 10,000 people conducting operations in
more than 30 countries. Precision is committed to providing
efficient and safe services to create value for our customers, our
shareholders and our employees. DATASOURCE: Precision Drilling
Corporation CONTACT: Hank B. Swartout, Chairman, President and
Chief Executive Officer, or Dale E. Tremblay, Senior Vice President
Finance and Chief Financial Officer, Telephone 403-716-4500; Fax
403-264-0251; website: http://www.precisiondrilling.com/; Archived
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