Cathedral energy services and precision drilling announce business transaction, strategic alliance and newly appointed board member

Calgary, alberta, july 23, 2021 (globe newswire) -- cathedral energy services ltd. (tsx:cet) (“cathedral”) and precision drilling corporation (tsx: pd, nyse: pds) (“precision”) are pleased to announce the closing of cathedral's acquisition of precision's directional drilling business (the “transaction”) for a purchase price of $6,350,000.   the transaction includes operating assets and personnel of precision's directional drilling business (including its operations facility in nisku, alberta), along with an additional $3 million cash investment by precision to support growth and expansion of cathedral, including continuing the buildout of rapidfiretm measurement-while-drilling guidance systems and ndurancetm drilling motors. additionally, the transaction is expected to enhance margins as expenses related to rental equipment used by precision are replaced with proprietary cathedral tools.
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