GlobalSantaFe & Precision Drilling Close Sale of Land Unit

GlobalSantaFe and Precision Drilling have executed the closing of the previously announced definitive agreement for Precision to buy GlobalSantaFe's worldwide land drilling assets for US$316.5 million in an all cash transaction.

The sale included 31 land rigs located in the Middle East, North Africa and South America and an extensive fleet of specialized rig transport equipment that supports land rig operations in Kuwait and the Kuwaiti-Saudi Arabian Partitioned Neutral Zone.

Simmons & Company International served as financial advisor to GlobalSantaFe for this transaction.