Precision Drilling announces US $400M private offering of senior notes

News Release

PRECISION DRILLING ANNOUNCES PROPOSED PRIVATE OFFERING OF US$400,000,000 MILLION SENIOR NOTES
PROCEEDS WILL BE USED TO REPURCHASE AND REDEEM EXISTING SENIOR NOTES

Calgary, Alberta, Canada – November 8, 2017

Precision Drilling Corporation (“Precision”) announced today that it intends, subject to market and other conditions, to offer US$400,000,000 aggregate principal amount of Senior Notes due 2026 (the “Notes”) in a private offering that is exempt from the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Notes will be guaranteed on a senior unsecured basis by current and future U.S. and Canadian subsidiaries that also guarantee Precision’s revolving credit facility and certain other future indebtedness. Precision plans to use the net proceeds from the offering, together with cash on hand, to fund a tender offer (the “Tender Offer”) to repurchase all of its US$372 million aggregate principal amount outstanding of Senior Notes due 2020 (the “2020 Notes”) and up to US$70 million aggregate principal amount of its Senior Notes due 2021, which was separately announced today by Precision, and to fund the redemption of any 2020 Notes not tendered during the Tender Offer.

The Notes and the related guarantees will be offered only to qualified institutional buyers in reliance on the exemption from registration set forth in Rule 144A under the Securities Act, and outside the United States to non-U.S. persons in reliance on the exemption from registration set forth in Regulation S under the Securities Act. The Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, any securities, nor shall there be any sales of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This notice is being issued pursuant to and in accordance with Rule 135(c) under the Securities Act.

About Precision
Precision is a leading provider of safe and High Performance, High Value services to the oil and gas industry. Precision provides customers with access to an extensive fleet of contract drilling rigs, directional drilling services, well service and snubbing rigs, camps, rental equipment, and wastewater treatment units backed by a comprehensive mix of technical support services and skilled, experienced personnel.

Precision is headquartered in Calgary, Alberta, Canada. Precision is listed on the Toronto Stock Exchange under the trading symbol “PD” and on the New York Stock Exchange under the trading symbol “PDS”.

For further information, please contact:
Carey Ford
Senior Vice President and Chief Financial Officer
403.716.4566

Ashley Connolly, CFA
Manager, Investor Relations
403.716.4725
403.716.4755 (FAX)

Precision Drilling Corporation
800, 525 – 8th Avenue S.W.
Calgary, Alberta, Canada T2P 1G1
Website: www.precisiondrilling.com