Precision Drilling completes US$316.5 million acquisition of land drilling business

Date Closed: 5/21/2004

Value: US$316.5 million

On May 21, 2004, Precision Drilling Corp. acquired all of the land drilling assets of GlobalSantaFe Corp. (GSF) for US$316.5 million. GSF continues to carry on its offshore drilling business from its headquarters in Houston, Texas. The GSF land drilling business was carried out in Kuwait, Saudi Arabia, Egypt, Oman and Venezuela.

Precision was represented by BLG in Calgary, with a team that included Brian Roberts, Gil Malfair and Lloyd McLellan.