UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO SECTION 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For April 2, 2004
Commission File Number: 001-14534
PRECISION DRILLING CORPORATION
(Exact name of registrant as specified in its charter)
4200, 150 - 6TH AVENUE S.W.
CALGARY, ALBERTA
CANADA T2P 3Y7
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F [_] Form 40-F [X]
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1)._______
Note: Regulation S-T Rule 101(b)(1) only permits the submission in
paper of a Form 6-K if submitted solely to provide an attached annual report to
security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7):_______
Note: Regulation S-T Rule 101(b)(7) only permits the submission in
paper of a Form 6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws of
the jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes [_] No [X]
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- N/A
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
PRECISION DRILLING CORPORATION
Per: /s/ Jan M. Campbell
---------------------------------------
Jan M. Campbell
Corporate Secretary
Date: April 2, 2004
[GRAPHIC OMITTED] [GRAPHIC OMITTED]
[LOGO - GLOBALSANTAFE] [LOGO - PRECISION DRILLING]
GLOBALSANTAFE CORPORATION AND PRECISION DRILLING CORPORATION
ANNOUNCE AGREEMENT FOR SALE AND PURCHASE OF LAND DRILLING BUSINESS
Houston and Calgary, April 2, 2004 -- Worldwide oil and gas drilling contractors
GlobalSantaFe Corporation ("GlobalSantaFe") and Precision Drilling Corporation
("Precision") today jointly announced they have executed a definitive agreement
for Precision to buy all GlobalSantaFe's worldwide land drilling assets for
US$316.5 million in an all cash transaction. The transaction is anticipated to
be completed during the second quarter of 2004.
The sale includes 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 Arabia Partitioned
Neutral Zone.
GlobalSantaFe's President and Chief Executive Officer, Jon Marshall stated,
"While we have been successful with the land rig business over the years, it has
become an increasingly smaller part of our overall operations. This transaction
will permit us to focus our management efforts on growing the offshore market.
With Precision's reputation for quality operations and with the vast majority of
our employees associated with these operations being offered continuous
employment with Precision, we are confident our customers will continue to
receive an excellent level of service."
Hank B. Swartout, Chairman, President and Chief Executive Officer of Precision
stated, "This transaction provides Precision with a tremendous opportunity to
expand our growing international presence. We recognize the excellent quality of
both the rigs we are acquiring and the people associated with GlobalSantaFe's
land drilling operations. This combination with Precision's focus on
international land drilling services will strengthen our product offerings for
the mutual benefit of our employees, customers and shareholders."
Simmons & Company International served as financial advisor to GlobalSantaFe for
this transaction.
FORWARD LOOKING STATEMENTS
Certain statements contained in this news release, including statements relating
to matters that are not historical facts or statements relating to the
anticipated date the transaction will be completed and to growth and expansion
internationally, are forward-looking statements. Such forward-looking statements
involve known and unknown risks and uncertainties which may cause actual
results, performances or achievements to be materially different from any future
results, performances or achievements expressed or implied by such
forward-looking statements. Such risks and uncertainties include but are not
limited to the impact of governmental laws and regulations and the uncertainties
involved in their administration, particularly in some foreign jurisdictions;
the political and other uncertainties inherent in foreign operations;
fluctuations in the market for oil and gas and related products and services;
competition; economic conditions in various countries; the demand for services
provided by
GlobalSantaFe and Precision; changes in laws and regulations, including
environmental, and other factors which are described in further detail in the
respective filings of GlobalSantaFe and Precision with the Securities and
Exchange Commission.
ABOUT GLOBALSANTAFE (NYSE:GSF)
GlobalSantaFe is a leading worldwide oil and gas drilling contractor offering a
full range of premium equipment and drilling management services. The company's
diverse and technologically advanced fleet of 59 offshore rigs includes premium
and heavy duty harsh environment jackups, semisubmersibles, and dynamically
positioned ultra-deepwater drillships. Additionally, the company has three rigs
under construction. GlobalSantaFe is the world's leading provider of turnkey
drilling and drilling management services. More information can be found at
WWW.GSFDRILL.COM.
ABOUT PRECISION DRILLING CORPORATION (TSX:PD AND PD.U; NYSE:PDS)
Precision Drilling Corporation is a global oilfield services company providing a
broad range of drilling, production and evaluation services with focus on
fulfilling customer needs through fit-for-purpose technologies for the maturing
oilfields of the 21st century. With corporate offices in Calgary, Alberta,
Canada and Houston, Texas, and research facilities in the U.S. and Europe,
Precision employs more than 10,000 people conducting operations in more than 30
countries. Precision is committed to providing efficient and safe services to
create value for our customers, our shareholders and our employees. More
information can be found at WWW.PRECISIONDRILLING.COM
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FOR FURTHER INFORMATION PLEASE CONTACT:
PRECISION DRILLING CORPORATION GLOBALSANTAFE CORPORATION
Hank B. Swartout Investors:
Chairman, President & CEO Richard Hoffman
Telephone: 281 925 6441
Dale E. Tremblay,
Senior Vice President Finance & CFO Media:
4200, 150 - 6th Avenue S.W., Julie Tushingham
Calgary, Alberta T2P 3Y7, Telephone: 281 925 6443
Telephone: 403 716 4500 Cell: 713 417 4763
Fax: 403 264 0251