CALGARY, AB — Shares in Aveda Transportation and Energy Services jumped 12 percent Monday after it announced it would buy some of Precision Drilling’s assets.

The Calgary-based oilfield hauling and rentals company announced they will buy a total of 13 trucks, 59 tractors, 69 trailers and 12 cranes from U.S.-based Precision, a provider of services to the oil and gas industry, including a fleet of contract drilling rigs.

“Through this transaction we are acquiring a modern and well maintained fleet that shares the same specifications and equipment configuration as our current U.S. assets,” said Kevin Roycraft, Aveda’s president and CEO.  

The sale is expected to close on July 1.

“Strategically, this will further reduce Aveda’s reliance on third-party equipment suppliers, helping to improve margins, and allow us to allocate equipment to both current and new operating areas to take advantage of high activity levels and further growth opportunities in certain regions,” Roycraft said.

Kevin Neveu, Precision president and CEO commented: “The divestiture of these non-core assets will free up capital to invest in the growth of Precision’s core businesses in Canada, the U.S. and international markets.”