OMERS acquires CEDA International

Date Closed: 9/13/2005

Value: $274 million

On September 13, 2005, Precision Drilling Corp. completed the sale of its subsidiary CEDA International Corp. to Ontario Municipal Employees Retirement System for a purchase price of approximately $274 million. The investment is being made through Borealis Investments Inc., an OMERS investment entity. CEDA and it subsidiaries will continue to carry on its industrial services business through four operating units: industrial, mechanical, catalyst and electrical.

Precision was represented by BLG in Calgary with a team led by Brian Roberts that included Steven Pearson, Lloyd McLellan and Melissa Smith (commercial and securities), Colin McDonald (competition), Stuart Blyth and Ryan Smith (real estate).