From Globe NewsWire
Precision Drilling Corporation (“Precision”) (TSX:PD) (NYSE:PDS) announced today that it expects to complete on June 15, 2018 a partial redemption of US$50 million principal amount of its 6.50% senior notes due 2021. In addition, Precision has made open market repurchases totaling US$8 million principal amount of its 2021 and 2024 notes. Both the partial redemption and open market repurchases were funded with cash flow generated in the second quarter. These transactions account for total debt reduction of approximately $75 million with annualized interest savings of approximately $5 million. We are pleased with the progress we have made towards our longer-term goal of reducing debt by $300 million to $500 million by the end of 2021 and we will monitor further opportunities to reduce debt throughout 2018.
Precision currently has 76 active rigs in the U.S., up from the first quarter average of 64 rigs. We are mobilizing a ST-1500 rig from Canada to the Northeast U.S. in the next month to begin working on a multi-year contract and expect to continue to increase our active rig count through the summer. In Canada, we currently have 34 active rigs as second quarter activity is recovering from spring break-up seasonal lows, and we expect to see customer demand in line with 2017 levels for the second half of 2018. Precision currently has five active rigs in Kuwait and three active rigs in Saudi Arabia.
About Precision
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 contract drilling rigs, directional drilling services, well service and snubbing rigs, camps, rental equipment, and wastewater treatment units backed by a comprehensive mix of technical support services and skilled, experienced personnel.
Precision is headquartered in Calgary, Alberta, Canada. Precision is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS”.
For further information, please contact:
Carey Ford, CFA
Senior Vice President and Chief Financial Officer
713.435.6111
Ashley Connolly, CFA
Manager, Investor Relations
403.716.4725
Precision Drilling Corporation
800, 525 – 8th Avenue S.W.
Calgary, Alberta, Canada T2P 1G1
Website: www.precisiondrilling.com
