March 18, 2019 / 4:18 PM / 8 months ago

BUZZ-Precision Drilling: Adios Mexico!

(Updates)

** Canadian rig contractor’s shares rise 3.3 pct to C$3.11 in mid-day trading

** Says will divest five idle drilling rigs and related equipment located in Mexico for $48 mln

** Also divests water treatment business, Terra Water Systems, for an undisclosed amount

** At close of deal, Precision will have no assets in Mexico

** Separately, initiates redemption of $30 mln of its 6.50 pct senior notes due 2021 on pro rata basis with available cash on hand with payment to be made on April 16

** Including today’s gains, stock up ~31 pct YTD (Reporting by Shanti S Nair and John Benny in Bengaluru)

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