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Precision Drilling sells 5 drilling rigs in Mexico for $48M

Calgary, Alberta-based Precision Drilling Corp. said March 18 that it will sell five Mexico-based drilling rigs and ancillary equipment for $48 million.

The company has received $30 million for three drilling rigs and will receive the remaining amount in April after the delivery of the fifth rig. Precision will have no assets in Mexico following the transaction.

The driller also said it has completed divesting its water treatment business Terra Water Systems. No details were provided.

The company said it will continue to explore divesting other non-core assets and businesses.

Precision also announced it has commenced the redemption of $30 million of its 6.50% senior notes due 2021.

The company said it was awarded three-year contract renewals for two rigs in Saudi Arabia effective March 1, while the company has secured one-year extensions on two rigs that were set to expire midyear in Kuwait.