RE:NEWS = PDS buy Trinidad DrillingTransaction Rationale Unique combination of two highly focused drilling contractors pursuing similar strategies with complementary Tier 1 assets Trinidads fleet of 141 drilling rigs includes 61 high spec AC rigs that fit 90% within Precisions standardization protocols and are equipped with major components that are well aligned for fleet integration. Precision will have a North American fleet that includes over 200 active rigs and 322 total rigs. As the third largest driller in the U.S., Precision will have strong positions in all key shale plays and will be positioned for improving industry activity. The company will have an expanded platform for technology deployment and an increased inventory of economically upgradeable rigs. The company will have improved cash flow generation capabilities in Canada given excellent fixed cost leverage and operating synergies. Trinidads customer mix and rig fleet is complementary and the company is well positioned for LNG and Deep Basin development. Precision has identified 50 rigs from the combined fleet that it intends to hold as assets for sale.