Precision Drilling says costs jump on Grey Wolf merger

摘要

New York-Precision Drilling Trust will cut back its growth plans and begin a new cost-reduction progam as a result of higher costs and fees associated with its proposed $2 billion takeover of Grey Wolf, the Calgary-based contract driller said December 11. Precision said in a statement the credit facilities it has arranged with a bank syndicate to fund the takeover "will be more expensive than originally anticipated."