Precision Drilling Corporation has signed an agreement to sell certain assets from its trucking operations to Aveda Transportation and Energy Services Inc. ("Aveda"). The assets included in the sale consist of trucks and other related assets all of which are used to support drilling rig moving operations for Precision and third parties in Texas and New Mexico. The asset sale is expected to close on July 1, 2014.
Kevin Neveu, Precision's President and Chief Executive Officer, stated: "The divestiture of these non-core assets will free up capital to invest in the growth of Precision's core businesses in Canada, the U.S. and international markets. Additionally, we believe the assets will be better suited in an organization committed to growing the service capabilities of the trucking platform these assets provide. We look forward to working with Aveda in the future in supporting our drilling rig moving operations in the U.S. and Canada."