Aveda Transportation buys Precision Drilling’s rig moving assets

Oil services and equipment provider says US$24 million acquisition will enhance its US assets.

CALGARY — Aveda Transportation and Energy Services says its buying the US-based rig moving assets of Precision Drilling Corp. for US$24 million.

Aveda says the deal, expected to close of July 1, adds to its US assets.

The company is acquiring rig moving equipment, trucks, trailers, loaders and cranes from Calgary-based Precision Drilling.

Aveda provides specialized transportation services and equipment for the oil industry in Western Canada and in the US in Texas, Pennsylvania and North Dakota.

Precision Drilling says the sale will allow it to pursue growth in its core businesses in Canada, the US and international markets.

It supplies drilling rigs, rental equipment, and water treatment units, among other services.

© 2014 The Canadian Press

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