Weatherford acquires Precision Drilling's energy services and international contract drilling divisions

Date Closed: 6/06/2005

Value: US$2.7 billion

On August 31, 2005, Weatherford International Ltd. of Houston, Texas completed its acquisition of Precision Drilling Corp.’s Energy Services Division and International Contract Drilling Division. The purchase price of US$2.7 billion (based on current share values and exchange rates) was payable in cash and Weatherford’s common shares. Weatherford is one of the largest global providers of technology and services to the drilling and production sectors of the oil and gas industry. The acquisition of Precision’s Energy Services Division and International Contract Drilling Division strengthens Weatherford’s cased hole wireline and underbalanced product lines and significantly expands its open hole wireline and directional capabilities.

Precision was represented by its Canadian counsel BLG in Calgary with a team led by Brian Roberts that included Gil Malfair, Britta Wagner and Melissa Smith (commercial and securities), Colin McDonald (competition and Investment Canada) and Stuart Blyth and Ryan Smith (real estate).