Precision drilling announces asset divestitures, senior note redemption and provides international contract update toronto stock exchange pd gas vs electric oven review

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This news release contains forward-looking information and statements within the meaning of applicable securities laws. For important information with respect to such forward-looking information and statements and the further assumptions and risks to which they are subject, see the Cautionary Statement Regarding Forward-Looking t gas terengganu Information and Statements later in this news release. All values in Canadian dollars except as indicated.

CALGARY, Alberta, March 18, 2019 (GLOBE NEWSWIRE) — Precision Drilling Corporation (“Precision” or the “Company”) (TSX:PD; NYSE:PDS) is pleased to announce transactions to divest our five Mexico based drilling rigs and our water treatment business branded Terra Water Systems. We have entered into an agreement to sell five idle drilling rigs and ancillary equipment a gas mixture is made by combining currently located in Mexico for US$48 million. To date, the Company has received US$30 million for the sale of three drilling rigs and ancillary equipment with the balance of US$10 million and US$8 million due upon delivery of the fourth and fifth rigs in March and April 2019, respectively. At the conclusion of this transaction, Precision will have no assets in Mexico. Regarding Terra Water Systems, Precision recently closed the transaction to divest the assets and business for an undisclosed cash consideration gas variables pogil. Precision continues to explore divesting other non-core assets and businesses to focus on our High Performance, High Value land drilling business and efficiency-driven technology initiatives.

Separately, the Company has initiated the redemption of US$30 million of its 6.50% senior notes due 2021 on a pro rata basis with available cash on hand. The redemption payment will be made on April 16, 2019. Debt reduction and de-leveraging remains Precision’s top priority and we are pleased to accelerate our program with this redemption.

We are also pleased to announce that the Company has signed three-year contract renewals for two rigs in Saudi Arabia, effective March 1, 2019. These rigs had been working on shorter-term extensions since August 2018, when their original contracts expired. Precision’s third active rig in Saudi Arabia is currently contracted through 2022. In Kuwait, Precision signed one-year extensions on two rigs that were set to expire mid-year and remain on track to deliver our sixth new build rig in July. Once gas turbine delivered, we will have nine rigs operating in the Middle East on long-term contracts, providing firm line of sight on operating activity and stable cash flows in this region.

Certain statements contained in this report, including statements that contain words such as could, should, can, anticipate, estimate, intend, plan gas emoji meaning, expect, believe, will, may, continue, project, potential and similar expressions and statements 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 United States Private Securities Litigation Reform Act of 1995 (collectively, forward-looking information and statements).

Undue reliance should not be placed on forward-looking information and statements. Whether actual results, performance or achievements will conform to our expectations and predictions is subject to a number of known and unknown risks and uncertainties gas and water llc which could cause actual results to differ materially from our expectations. Such risks and uncertainties include, but are not limited to:

Readers are cautioned that the forgoing list of risk factors is not exhaustive. Additional information on these and other factors that could affect our business, operations or financial results are included in reports on file with applicable securities regulatory authorities, including but not limited to Precision’s Annual Information Form for the year ended December 31, 2017, which may static electricity bill nye full episode be accessed on Precision’s SEDAR profile at www.sedar.com or under Precision’s EDGAR profile at www.sec.gov. The forward-looking information and statements contained in this news release are made as of the date hereof and Precision undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.

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 Super Series drilling rigs supported by an industry static electricity zap leading technology platform that offers the most innovative drilling solutions to deliver efficient, predictable and repeatable results through service differentiation. Precision also offers directional drilling services, well service and snubbing rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel.