Precision Drilling Corp. announces acquisition of Axis Energy Services

CALGARY – Precision Drilling Corp. announced Monday that it has acquired Axis Energy Services Holdings Inc., a private company that provides drilling services to the oil and gas industry.

Canada’s largest oilfield services company (TSX:PD) said the deal closed on Friday. It did not disclose how much it paid for Axis.

Get weekly money news

Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.

Sign up for weekly money newsletter Sign Up

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

Axis is based in Calgary and has 70 employees. It provides directional drilling and measurement-while-drilling services to energy companies, primarily in Western Canada.

“The Axis acquisition represents an important step in our strategy to integrate directional drilling services with our high performance, high value drilling rigs,” said Precision CEO Kevin Neveu.

“We are thrilled to welcome the Axis employees to the Precision family. They are well known for their high quality service to their customers and will enhance Precision’s directional drilling capabilities.”

Precision shares fell 12 cents to $11.73 in late-morning trading on the Toronto Stock Exchange.