UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO SECTION 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For May 25, 2004
Commission File Number: 001-14534
PRECISION DRILLING CORPORATION
(Exact name of registrant as specified in its charter)
4200, 150 - 6TH AVENUE S.W.
CALGARY, ALBERTA
CANADA T2P 3Y7
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F [_] Form 40-F [X]
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(1)._______
Note: Regulation S-T Rule 101(b)(1) only permits the submission in
paper of a Form 6-K if submitted solely to provide an attached annual report to
security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in
paper as permitted by Regulation S-T Rule 101(b)(7):_______
Note: Regulation S-T Rule 101(b)(7) only permits the submission in
paper of a Form 6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws of
the jurisdiction in which the registrant is incorporated, domiciled or legally
organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
report or other document is not a press release, is not required to be and has
not been distributed to the registrant's security holders, and, if discussing a
material event, has already been the subject of a Form 6-K submission or other
Commission filing on EDGAR.
Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes [_] No [X]
If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- N/A
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
PRECISION DRILLING CORPORATION
Per: /s/ Jan M. Campbell
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Jan M. Campbell
Corporate Secretary
Date: May 25, 2004
NEWS RELEASE
FOR IMMEDIATE RELEASE
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PRECISION DRILLING CORPORATION ANNOUNCES A
PUBLIC OFFERING OF 5.625% NOTES DUE 2014
Calgary, Alberta, Canada May 25, 2004 - Precision Drilling Corporation
("Precision") announced a public offering of US$300,000,000 of 5.625% Notes due
June 1, 2014 (the "Notes") to be sold in the United States. Precision will use
the net proceeds from the sale of the Notes to repay a portion of the
indebtedness incurred to finance the acquisition of the land drilling business
assets of GlobalSantaFe Corporation and the acquisition of the issued and
outstanding shares of Reeves Oilfield Services Ltd.
The completion of the sale of the Notes is expected to occur on Friday, May 28,
2004.
These debt securities are rated BBB+ by Standard & Poor's Rating Services.
This offering is being made under a previously filed Shelf Prospectus for sale
of up to US$1 billion of debt securities and common shares. UBS Securities LLC
is acting as book-running manager for the offering.
This press release shall not constitute an offer to sell or the solicitation of
an offer to buy the Notes.
Certain statements contained in this press release, including statements
relating to matters that are not historical facts and statements relating to the
intention to sell securities and the ultimate use of proceeds are
forward-looking statements, including under the U.S. Private Securities
Litigation Reform Act of 1995. Such forward-looking statements involve known and
unknown risks and uncertainties which may cause the actual results, performances
or achievements of Precision to be materially different from any future results,
performances or achievements expressed or implied by such forward-looking
statements. Such factors include fluctuations in the market for oil and gas and
related products and services; competition; the ability to successfully carry
out its intentions; political and economic conditions in countries in which
Precision does business; the demand for services provided by Precision; changes
in laws and regulations, including environmental, to which Precision is subject
and other factors which are described in further detail in Precision's filings
with the Securities and Exchange Commission.
Precision Drilling Corporation (TSX: PD and PD.U; NYSE: PDS), headquartered in
Calgary, Alberta, Canada, is a global oilfield services company providing a
broad range of drilling, production and evaluation services with focus on
fulfilling customer needs through fit-for-purpose technologies for the maturing
oilfields of the 21st century.
FOR FURTHER INFORMATION PLEASE CONTACT HANK B. SWARTOUT, CHAIRMAN, PRESIDENT AND
CHIEF EXECUTIVE OFFICER OR DALE E. TREMBLAY, SENIOR VICE PRESIDENT FINANCE AND
CHIEF FINANCIAL OFFICER, 4200, 150 - 6TH AVENUE S.W., CALGARY, ALBERTA T2P 3Y7,
TELEPHONE (403) 716-4500; FAX (403) 264-0251; WEBSITE: WWW.PRECISIONDRILLING.COM