PDS Precision Drilling Corporation New

GlobalSantaFe and Precision Drilling Corporation Close Sale of Land Drilling Business HOUSTON and CALGARY, Alberta, May 21 /PRNewswire-FirstCall/ -- Worldwide oil and gas drilling contractors GlobalSantaFe Corporation ("GlobalSantaFe") and Precision Drilling Corporation ("Precision") today jointly announced they have executed the closing of the previously announced definitive agreement for Precision to buy GlobalSantaFe's worldwide land drilling assets for US$316.5 million in an all cash transaction. The sale included 31 land rigs located in the Middle East, North Africa and South America and an extensive fleet of specialized rig transport equipment that supports land rig operations in Kuwait and the Kuwaiti-Saudi Arabian Partitioned Neutral Zone. Simmons & Company International served as financial advisor to GlobalSantaFe for this transaction. About GlobalSantaFe GlobalSantaFe is a leading worldwide oil and gas drilling contractor offering a full range of premium equipment and drilling management services. The company's diverse and technologically advanced fleet of 58 offshore rigs includes premium and heavy duty harsh environment jackups, semisubmersibles, and dynamically positioned ultra-deepwater drillships. Additionally, the company has two semisubmersible rigs under construction. GlobalSantaFe is the world's leading provider of turnkey drilling and drilling management services. More information can be found at http://www.gsfdrill.com/ . About Precision Drilling Corporation Precision Drilling Corporation is a global oilfield services company providing a broad range of drilling, production and evaluation services with focus on fulfilling customer needs through fit-for-purpose technologies for the maturing oilfields of the 21st century. With corporate offices in Calgary, Alberta, Canada and Houston, Texas, and research facilities in the U.S. and Europe, Precision employs more than 10,000 people conducting operations in more than 30 countries. Precision is committed to providing efficient and safe services to create value for our customers, our shareholders and our employees. More information can be found at http://www.precisiondrilling.com/ . For further information please contact: Precision Drilling Corporation GlobalSantaFe Corporation Hank B. Swartout Investors: Chairman, President & CEO Richard Hoffman Telephone: 281 925 6441 Dale E. Tremblay, Senior Vice President Finance & CFO Media: 4200, 150 - 6th Avenue S.W., Julie Tushingham Calgary, Alberta T2P 3Y7, Telephone: 281 925 6443 Telephone: 403 716 4500 Cell: 713 417 4763 Fax: 403 264 0251 http://www.newscom.com/cgi-bin/prnh/20011218/DATU049LOGO-b http://photoarchive.ap.org/ DATASOURCE: GlobalSantaFe Corporation; Precision Drilling Corporation CONTACT: Hank B. Swartout, Chairman, President & CEO, or Dale E. Tremblay, Senior Vice President Finance & CFO, both of Precision Drilling Corporation, +1-403-716-4500, or fax, +1-403-264-0251; or investors, Richard Hoffman, +1-281-925-6441, or media, Julie Tushingham, +1-281-925-6443, or cell, +1-713-417-4763, both of GlobalSantaFe Corporation Web site: http://www.gsfdrill.com/ http://www.precisiondrilling.com/

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