Precision Drilling Corporation

Summary
Precision Drilling Corporation, a drilling company, provides onshore drilling, completion, and production services to exploration and production companies in the oil and natural gas and geothermal industries in North America and the Middle East. The company operates in two segments, Contract Drilling Services; and Completion and Production Services. The Contract Drilling Services segment offers onshore well drilling services to exploration and production companies in the oil and natural gas industry. This segment's services include land and turnkey drilling; and procurement and distribution of oilfield supplies, as well as manufacture and refurbishment of drilling and service rig equipment. As of December 31, 2021, it operated 227 land drilling rigs, including 109 in Canada; 105 in the United States; 6 in Kuwait; 4 in Saudi Arabia; 2 in the Kurdistan region of Iraq; and 1 in the country of Georgia. As of December 31, 2021, this segment also operated 47 AlphaTM rigs with commercial AlphaAutomation; 18 AlphaApps; 4 grid power capable rigs; and 60 natural gas or bi-fuel rigs. The Completion and Production Services segment provides service rigs for well completion, workover, abandonment, maintenance, and re-entry preparation services; wellsite accommodations; oilfield surface equipment rentals; and camp and catering services to oil and natural gas exploration and production companies. As of December 31, 2021, it operated 123 well completion and workover service rigs, including 113 in Canada and 10 in the United States; 1,900 oilfield rental items, including surface storage, small-flow wastewater treatment, power generation, and solids control equipment; 109 wellsite accommodation units; 943 drill camp beds; 822 base camp beds; and three kitchen diners in Canada. Precision Drilling Corporation was incorporated in 1951 and is headquartered in Calgary, Canada.

History

Precision Drilling Ltd. was founded in 1951.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. Swartout led the company through extensive growth until his retirement in 2007.In 2005, Precision sold its energy services and international contract-drilling divisions to Weatherford International for $2.28 billion and reorganized as an income trust. Precision converted from an income trust back to a corporation in 2010.In 2008, Precision acquired its US rival Grey Wolf Inc. for $2 billion, a merger which expanded its rig count in the US, which it had largely left in 2005, over tenfold. The acquisition led to financial difficulties which led to a $330M CAD investment by the Alberta Investment Management Corporation in 2009, characterized by Maclean's as a bailout. AIMCo divested its stake in 2013.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.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.In July 2022, Precision Drilling acquired High Arctic Energy Services Inc.'s welling services and rental divisions for $29.3 million.


Mission
The mission of Precision Drilling Corporation is to provide safe and responsible drilling services that exceed customer expectations.

Vision
At Precision Drilling Corporation, we are striving to become both the customer's and the industry's first choice for the provision of drilling and related services.

Key Team

Ms. Veronica H. Foley (Chief Legal and Compliance Officer)

Mr. Gene C. Stahl (Chief Marketing Officer)

Mr. John Blair Goertzen (Exec. Vice-Pres and Chief Operating Officer)

Mr. Shuja U. Goraya (Chief Technology Officer)

Dustin Honing (Mang. of Investor Relations & Corp. Devel.)

Mr. Roland H. Marks (Sr. VP of International Drilling Operations)

Mr. Grant Hunter (Sr. VP of North American Drilling Operation)


Recognition and Awards
The company has been awarded numerous awards for its safety and environmental performance, including the Star of Excellence award, Enform's Safety Award of Excellence, and the Alberta Innovates Biodiversity Program Achievement Award.

References
Precision Drilling Corporation
Leadership team

Mr. Kevin A. Neveu B.Sc, B.Sc., P.Eng (Pres, CEO & Director)

Mr. Carey Thomas Ford C.F.A. (Sr. VP & CFO)

Mr. Darren J. Ruhr (Chief Admin. Officer)

Products/ Services
Energy, Machinery Manufacturing, Oil and Gas
Number of Employees
1,000 - 20,000
Headquarters
Calgary, Alberta, Canada
Established
1951
Company Registration
SEC CIK number: 0001013605
Revenue
Above - 1B
Traded as
PDS
Social Media
Wed Feb 28 2024
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