Aveda Transportation buys Precision Drilling's rig moving assets for US$24M

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

Aveda (TSXV:AVE) says the deal, expected to close of July 1, adds to its U.S. assets.

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

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

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

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