By OGJ editors
HOUSTON, June 7 -- Weatherford International Ltd. plans to acquire two segments of Precision Drilling Corp., Calgary, in a $2.28 billion cash and stock deal.
Weatherford agreed to pay $900 million in cash and 26 million common shares for Precision's energy services and international contract drilling units. Closing, subject to US and Canadian regulatory approvals, is expected during the third quarter.
The contract drilling division in the transaction operates 48 land rigs, many in the Middle East and North Africa.
Precision is keeping its Canadian contract drilling business.