Shearman & Sterling represented Credit Suisse Securities (USA) LLC and RBC Capital Markets, LLC, as joint bookrunning managers, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. Incorporated and TD Securities (USA) LLC, as senior co-managers, and Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Wells Fargo Securities, LLC, as co-managers, in connection with Precision Drilling Corporation’s private placement of $650 million aggregate principal amount of its 6.625% Senior Notes due 2020. The notes are guaranteed by certain of Precision’s subsidiaries.

Precision is a leading provider of safe, high-performance energy services to the North American oil and gas industry. Headquartered in Calgary, Alberta, Canada, Precision provides customers with access to an extensive fleet of contract drilling rigs, service rigs, camps, snubbing units, wastewater treatment units and rental equipment backed by a comprehensive mix of technical support services and skilled, experienced personnel.

The Shearman & Sterling team that advised the initial purchasers in the transaction included of counsel Danforth Newcomb (New York-Litigation), partners Christopher Cummings (Toronto-Capital Markets), Jeffrey Crandall (New York-Executive Compensation & Employee Benefits), Jason Lehner (Toronto/New York-Capital Markets) and Larry Crouch (Menlo Park-Tax), counsel Stephen Centa (Toronto-Capital Markets) and Jeffrey Salinger (New York-Property/Environmental), associates Tina Li (Toronto-Capital Markets), Sonja Sun (Toronto-Capital Markets), Daniel Weber (Toronto-Capital Markets), Seth Kerschner (New York-Property/Environmental), Anil Kalia (Menlo Park-Tax), Danielle Giles (San Francisco-Capital Markets), Nathan Mee (San Francisco-Capital Markets) and Christopher Greer (New York-Property), and legal assistant Adele Young.