Shearman & Sterling represented a syndicate of underwriters led by RBC Capital Markets and Deutsche Bank Securities Inc. in the offering by Precision Drilling Trust of 46,000,000 trust units at a price of US$3.75 per trust unit for aggregate gross proceeds of US$172,500,000. The proceeds of the offering will be used to fund the repurchase of outstanding convertible notes, which were assumed in connection with Precision’s acquisition of Grey Wolf, Inc.

Precision is one of Canada’s largest oilfield services company, providing contract drilling, well servicing and strategic support services to customers. Precision supplies on-the-ground expertise—people, equipment and knowledge—to enable about one-third of western Canada’s conventional oil and gas production.