Exhibit 99.1
FORM 51-102F3
MATERIAL CHANGE REPORT
| 1. | Name and Address of Company |
Precision Drilling Corporation (“Precision”)
800, 525 – 8th Avenue S.W.
Calgary, Alberta, Canada T2P 1G1
| 2. | Date of Material Change |
November 8, 2023
A news release reporting the material change was disseminated through the services of Globe Newswire and filed on SEDAR+ and EDGAR on November 8, 2023.
| 4. | Summary of Material Change |
On November 8, 2023, Precision announced that it completed its acquisition of CWC Energy Services Corp. (“CWC”). The total consideration for CWC included 947,807 Precision common shares, approximately $14 million in cash, plus the assumption of CWC’s net debt of approximately $38 million, excluding transaction costs. The total transaction value for CWC was approximately $127 million on November 7, 2023.
| 5.1 | Full Disclosure of Material Change |
Effective November 8, 2023, Precision completed its acquisition of CWC. The total consideration for CWC included 947,807 common shares of Precision (the “Precision Shares”), approximately $14 million in cash, plus the assumption of CWC’s net debt of approximately $38 million, excluding transaction costs. The total transaction value for CWC was approximately $127 million on November 7, 2023.
As a result of completing the Arrangement, CWC became a wholly-owned subsidiary of Precision.
Precision has acquired all of the issued and outstanding shares of CWC (each, a “CWC Share”), with each CWC shareholder receiving, at their election (a) 0.002124306 of a Precision Share for each CWC Share; (b) $0.196668 in cash for each CWC Share; or (c) a combination of cash and Precision Shares, subject to proration
| 5.2 | Restructuring Transaction |
Not applicable.
| 6. | Reliance on subsection 7.1(2) of National Instrument 51-102 |
Not applicable.
No information has been omitted on the basis that it is confidential information.
For more information, please contact:
Carey Ford, Chief Financial Officer
713.435.6100
November 17, 2023
