Precision Drilling's subsidiary, Precision Holdings (UK) Limited, has acquired 99.7% of the issued and outstanding shares of UK based Reeves Oilfield Services Limited pursuant to its previously announced offer to acquire all of the issued and outstanding shares of Reeves for pnds stlg 92.4 million, (pnds stlg 88.4 million net of cash acquired, equivalent to Cdn. $218 million). The Offer will remain open for acceptance until June 10, 2004. A 100% shareholding is sought, whether this be achieved through 100% eventual acceptances or use of the mandatory buy-out mechanism provided in the Companies Act 1985 (United Kingdom).
Reeves' premier offering consists of a highly reliable formation evaluation logging system that may be conveyed on wireline or using an array of conveyance alternatives such as drill pipe, tractors, or coil tubing. The Reeves system design enables high quality logging data to be recorded more efficiently than current competitors' offerings.