Precision Drilling Corporation acquired CWC Energy Services Corp. for a total of $127 million on November 7, 2023. The deal included 947,807 Precision shares, around $14 million in cash, and the assumption of CWC’s net debt of about $38 million. Precision anticipates achieving $20 million in annual operating synergies and an additional $20 million from selling excess real estate. This acquisition expands Precision's fleet to 72 service rigs and 124 active drilling rigs across Canada and the U.S. Precision's CEO, Kevin Neveu, highlighted the acquisition's strategic significance, projecting cash flow accretion in 2024 and furthering Precision's deleveraging efforts. CWC shareholders had options for cash, Precision shares, or a mix as payment. CIBC Capital Markets and Burnet, Duckworth and Palmer LLP advised CWC, while Evercore and Osler, Hoskin & Harcourt LLP advised Precision.