Precision Drilling Sells Trucking Operation
June 16, 2014
Precision Drilling has signed an agreement to sell certain assets from its trucking operations to fellow Canada-based Aveda Transportation and Energy Services.
The sale consists of trucks and other related assets, all of which are used to support drilling rig moving operations for Precision and third parties in Texas and New Mexico.
The sale is expected to close on July 1. Terms of the sale were not released.
"The divestiture of these non-core assets will free up capital to invest in the growth of Precision's core businesses in Canada, the U.S. and international markets,” said Kevin Neveu, Precision president and CEO. “Additionally, we believe the assets will be better suited in an organization committed to growing the service capabilities of the trucking platform these assets provide. We look forward to working with Aveda in the future in supporting our drilling rig moving operations in the U.S. and Canada."
Precision is a provider of services to the oil and gas industry, including a fleet of contract drilling rigs. Aveda Transportation and Energy Services is an oilfield hauling and rentals company serving customers’ rig moving, oilfield services, specialized transportation and oilfield rentals needs across North America.