Precision Drilling Acquires High Arctic's Well Servicing, Rentals Division

“This acquisition significantly expands our well servicing division with high quality rigs and field personnel, strategic regional positioning, and alignment with key customers," Precision Drilling president and CEO Kevin Neveu said in a press release announced the company's acquisition of High Arctic Service's well servicing business and rental assets.

Hart Energy Staff
Precision Drilling, High Arctic Services, service fleet

Through the addition of High Arctic's well servicing business and rental assets, Precision Drilling will expand its combined marketing fleet to 134 service rigs. (Source: Shutterstock.com)

Precision Drilling Corp. entered an asset purchase agreement to acquire High Arctic Services Inc.'s well servicing business and associated rentals assets, according to a Precision press release on July 18.

The transaction, subject to customary commercial closing conditions, sold for an aggregate purchase price of $38.2 million in cash, with an initial $10.2 million due at closing and the remaining balance due January 2023.

With the transaction expected to close before the end of this month, CIBC Capital Markets is serving as Precision's exclusive financial advisor, and Torys LLP is serving as Precision's legal advisor.

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