Precision Drilling terminates arrangement agreement with Trinidad Drilling

Precision Drilling has announced that it has terminated the arrangement agreement dated 5 October 2018 with Trinidad Drilling following the announcement by Ensign Energy Services that it had taken up 56.38% of the outstanding common shares of Trinidad pursuant to its unsolicited offer to purchase and takeover bid circular. Accordingly, payment of the termination fee in the amount of $20 million is now due and payable to Precision in accordance with the arrangement agreement.