Weatherford closes acquisition

Offshore staff

(Houston, Texas)-Weatherford International Ltd. has completed its acquisition of Precision Drilling Corp.'s Energy Services Division and International Drilling Division for $945 million, based on current exchange rates and 26 million Weatherford common shares.

Precision's Energy Services Division is a global provider of cased hole and open hole wireline services, drilling and evaluation services and production services. Weatherford says the acquisition will strengthen its cased hole wireline and underbalanced product lines and will expand the company's open hole wireline and directional capabilities.

Precision's International Contract Drilling division is an international land rig contractor. The acquisition includes 48 land rigs working in the Middle East and North Africa and an extensive fleet of specialized rig transport equipment.

09/01/05