By OGJ editors
HOUSTON, May 21 -- A subsidiary of Precision Drilling Corp., Calgary, has acquired 99.7% of all issued and outstanding shares of the UK-based Reeves Oilfield Services Ltd.
Precision Holdings (UK) Ltd. earlier this month announced an offer worth $218 million (Can.) The offer will remain open for acceptance until June 10. A 100% shareholding is sought.
Precision Drilling said it wanted a formation evaluation logging system that Reeves provides its customers to enable quality logging data to be recorded efficiently.
John King, Precision Drilling senior vice-president, technology services, said the two businesses have a strategic fit that will result in greater opportunities than either business could achieve separately.
