Precision Drilling

Short description: Largest drilling rig contractor in Canada

Precision Drilling Corporation

Type| Public

Traded as

| TSX: PD NYSE: PDS
Industry| Oil Well Services
Genre| Oilfield services company
Founded| 1951
Headquarters| Calgary, Alberta, Canada

Key people

| CEO: Kevin A. Neveu
Products| Oil field services and rentals
Revenue| $1.54 billion CAD (2019)[1]

Number of employees

| 4,469 (2019)[1]
Website| www.precisiondrilling.com

Precision Drilling Corporation  is the largest drilling rig contractor in Canada , also providing oil field rental and supplies.

## Contents

* 1 History
* 2 Global fleet
* 3 See also
* 4 References
* 5 External links

## History

Precision Drilling Ltd. was founded in 1951.[2]

In 1987, Precision Drilling was acquired by Cypress Drilling, led by president Hank Swartout, in a reverse takeover which left the company with a fleet of 19 rigs.[3] Swartout led the company through extensive growth until his retirement in 2007.[4]

In 2005, Precision sold its energy services and international contract-drilling divisions to Weatherford International for $2.28 billion[5] and reorganized as an income trust.[3][6] Precision converted from an income trust back to a corporation in 2010.[7]

In 2008, Precision acquired its US rival Grey Wolf Inc. for $2 billion,[8] a merger which expanded its rig count in the US, which it had largely left in 2005, over tenfold.[9] The acquisition led to financial difficulties which led to a $330M CAD investment by the Alberta Investment Management Corporation (AIMCo) in 2009,[10] characterized by Maclean's as a bailout.[11] AIMCo divested its stake in 2013.[12]

In 2018, Precision attempted to purchase Trinidad Drilling with over $1B CAD of shares as a white knight, opposing the cash bid of competitor Ensign Energy Services, however a drop in Precision's share price and thus bid value resulted in Ensign's bid prevailing.[13]

In September 2019, amid a difficult energy sector in Alberta, Precision Drilling Corporation's share price fell below the required minimum for the S&P/TSX Composite Index and was removed from the index.[14]

In July 2022, Precision Drilling acquired High Arctic Energy Services Inc.'s welling services and rental divisions for $29.3 million. [15]

## Global fleet

In 2019, Precision had 109 land drilling rigs in Canada (21% of the industry total), 104 in the US (5% of total), and 13 among Kuwait, Saudi Arabia, Iraqi Kurdistan, and Georgia.[1]

## See also

* List of oilfield service companies

## References

1. ↑ 1.0 1.1 1.2 "2019 Annual Information Form". Precision Drilling Corporation. 2020-03-09. https://s2.q4cdn.com/639056707/files/doc_financials/2019/ar/2019-Annual-Information-Form.pdf. Retrieved 2020-03-10.
2. ↑ "Our History". Precision Drilling. Archived from the original on 2018-12-03. https://web.archive.org/web/20181203175838/https://www.precisiondrilling.com/about-us/our-history/default.aspx. Retrieved 2020-03-09.
3. ↑ 3.0 3.1 Stastny, R.P. (2018-11-06). "Precision Founder Hank Swartout One Of The Defining Personalities In Canadian Drilling". Daily Oil Bulletin. https://www.dailyoilbulletin.com/article/2018/11/6/precision-founder-hank-swartout-one-of-the-definin/. Retrieved 2020-03-09.
4. ↑ "Precision Drilling's Swartout to retire". Globe and Mail (Calgary). 2007-05-08. https://www.theglobeandmail.com/report-on-business/precision-drillings-swartout-to-retire/article1075551/. Retrieved 2020-03-09.
5. ↑ "Weatherford to Buy Two Oil Drilling Units". New York Times: p. C8. 2005-06-07. https://www.nytimes.com/2005/06/07/business/worldbusiness/weatherford-to-buy-two-oil-drilling-units.html. Retrieved 2020-03-09.
6. ↑ Precision Drilling Corporation (2005-09-07). "Precision Drilling to Reorganize into an Income Trust". Rigzone. https://www.rigzone.com/news/oil_gas/a/25073/precision_drilling_to_reorganize_into_an_income_trust/. Retrieved 2020-03-09.
7. ↑ "Precision Drilling to convert to corporation". Globe and Mail (Calgary). 2010-02-12. https://www.theglobeandmail.com/globe-investor/precision-drilling-to-convert-to-corporation/article1212550/. Retrieved 2020-03-09.
8. ↑ "Canada's Largest Drilling Company to Buy a U.S. Rival". New York Times. Reuters: p. C7. 2008-08-26. https://www.nytimes.com/2008/08/26/business/worldbusiness/26mine.html. Retrieved 2020-03-09.
9. ↑ "4th time lucky as Precision Drilling acquires Grey Wolf". CBC News. 2008-08-25. https://www.cbc.ca/news/business/4th-time-lucky-as-precision-drilling-acquires-grey-wolf-1.708711. Retrieved 2020-03-09.
10. ↑ Cattaneo, Claudia (2009-04-20). "Alberta boost for Precision is investment, not aid: AIMCo". Edmonton Journal. Financial Post. http://www.edmontonjournal.com/Alberta+boost+Precision+investment+AIMCo/1514986/story.html. Retrieved 2020-03-09.
11. ↑ "Alberta government takes major stake in Precision Drilling". Maclean's. 2009-04-20. https://www.macleans.ca/general/alberta-government-takes-major-stake-in-precision-drilling/. Retrieved 2020-03-09.
12. ↑ Ratner, Jonathan (2013-12-09). "Precision Drilling upgraded after AIMCo sell-off". Financial Post. https://business.financialpost.com/investing/trading-desk/precision-drilling-upgraded-after-aimco-sell-off. Retrieved 2020-03-09.
13. ↑ Morgan, Geoffrey (2018-11-27). "Precision demands $20M in break fee from Trinidad Drilling as rival wins hostile bid". Financial Post. https://business.financialpost.com/commodities/energy/precision-demands-20m-in-break-fee-from-trinidad-drilling-as-rival-ensigns-hostile-bid-prevails. Retrieved 2020-03-09.
14. ↑ Kury de Castillo, Carolyn (2019-09-25). "Precision Drilling among 7 Calgary-based companies dropped from S&P/TSX composite index". Global News. https://globalnews.ca/news/5950829/calgary-companies-alberta-dropped-sp-tsx-market-index/. Retrieved 2020-03-10.
15. ↑ "Precision Drilling Rises on Acquisition of High Arctic's Well-Servicing, Rentals Divisions" (in EN-US). https://www.marketwatch.com/story/precision-drilling-rises-on-acquisition-of-high-arctic-s-well-servicing-rentals-divisions-271658156918.

## External links

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