Precision Drilling Corporation Company News

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Signs Show Possible Onshore Uptick for 2021
Friday, September 25, 2020Rigzone panelists offer their insights on the top oil market hits and misses for the week ending Sept. 25, 2020.

Oil CEO Says US Shale Rebound Is At Least a Year Away
Wednesday, May 27, 2020US shale drillers may still take at least a year before moving rigs back into the field.

Precision Drilling to Sell All Mexico Assets
Monday, March 18, 2019Precision Drilling is selling five Mexico-based drilling rigs for $48 million.

Ensign Completes Hostile Takeover of Trinidad Drilling
Tuesday, November 27, 2018Ensign Energy beats out Precision Drilling in a bidding war for Trinidad Drilling.

Precision Drilling to Pay $1B for Trinidad Drilling
Monday, October 08, 2018The acquisition will create the third largest drilling contractor in the US.

Battered Oil-Sands Servicers Pin Hopes on Shell's LNG Project
Wednesday, September 19, 2018After years of suffering through plunging prices and declining spending by oil-sands behemoths, Canada is finally seeing a light on the horizon.

Precision Drilling Reports Smaller-Than-Expected Loss
Friday, October 27, 2017Precision Drilling reports a smaller-than-expected quarterly loss.

Precision Drilling Posts Bigger Loss, Hurt by Weak Activity
Thursday, July 21, 2016Canadian rig contractor Precision Drilling Corporation posts a larger quarterly loss amid the lowest drilling activity in decades.

Canadian Energy Earnings Hint at Brighter Outlook for Oil
Thursday, July 21, 2016The Canadian oil and gas earnings season kicks off with signs of an industry recovery as Encana Corp and Precision Drilling Corp outlined plans to boost activity.

Canada's Precision Drilling Posts Quarterly Loss
Monday, April 25, 2016Canadian rig contractor Precision Drilling Corp posts a first-quarter loss, compared with a profit a year earlier, hurt by lower demand for rigs amid a prolonged slump in oil prices.

Rig Contractor Precision Drilling Suspends Dividend
Thursday, February 11, 2016Precision Drilling Corp suspends its dividend payments as the company looks to boost its finances to cope with a 70% fall in oil prices.

Precision Drilling's Profit Beats Estimates As Costs Fall
Monday, April 27, 2015Precision Drilling reports a 76.4% drop in its quarterly profit.

Precision Drilling Posts Quarterly Loss as Rig Demand Drops
Thursday, February 12, 2015Canada's Precision Drilling Corp reports a loss for the fourth quarter as demand for its rigs declines.

Precision Drilling Expects Lower Capital Spending in 2015
Monday, December 08, 2014Canada's Precision Drilling Corporation expects 2015 capital spending to be 44-percent lower than this year's budget.

Precision Drilling Raises Capex Budget as Demand Stays Strong
Monday, April 28, 2014Canada's Precision Drilling Corporation raises its capital spending plans amid strong demand for its rigs.

Precision Drilling Seals Deal for 8 Additional Newbuilds
Wednesday, October 05, 2011Precision Drilling announced the signing of eight newbuild drilling rig contracts.

Precision Drilling Adds Member to BOD
Monday, September 26, 2011Precision Drilling announced the addition of Dr. Kevin O. Meyers to its board of directors.

Precision Drilling Prices Senior Notes
Tuesday, July 26, 2011Precision Drilling announced that it priced US $400 million aggregate principal amount of 6.5% senior unsecured notes.

Precision Drilling Finalizes Acquisition of Drake
Tuesday, March 29, 2011Precision Drilling announced the closing of the acquisition of Drake Directional Drilling, LLC and Drake MWD Services, LLC.

Precision Repays Unsecured Note
Wednesday, February 23, 2011Precision has repaid, in full, the 10% senior unsecured note issued to Alberta Investment Management.

Precision Drilling Director Resigns
Wednesday, February 16, 2011Precision Drilling announced the resignation of Mr. Brian Felesky C.M., Q.C. as a Director of Precision.

Precision Drilling Posts Private Offering of Senior Notes
Friday, November 05, 2010Precision Drilling announced plans to commence a private offering of US $550 million aggregate principal amount of senior unsecured notes.

Precision Drilling Posts 3Q Financial Results for 2010
Thursday, October 21, 2010"The third quarter of 2010 was the second consecutive quarter which Precision realized improved average revenue per day over the previous quarter in the United States," said Kevin Neveu.

Precision Drilling Reports Loss in 2Q10
Thursday, July 22, 2010Precision Drilling reported a net loss of $67 million for the three months ended June 30, 2010 compared to net earnings of $57 million for the second quarter of 2009.

Precision Postpones Senior Notes Offering on Market Conditions
Thursday, February 19, 2009Precision Drilling has postponed its offering of $250 million principal amount of senior notes due 2015 due to currently unfavorable market conditions.

Precision to Offer $250MM of Senior Notes Due 2015
Monday, February 09, 2009Precision Drilling Corporation intends to offer approximately $250 million aggregate principal amount of senior notes due 2015 pursuant to a private placement.

Precision Drilling Trust's Board Approves Cash Distribution
Wednesday, August 20, 2008Precision Drilling Trust announced that the Board of Trustees has approved a cash distribution for the month of August 2008 of $0.13 per trust unit of Precision.

Precision Drilling Bags RWS Service Rigs
Tuesday, July 22, 2008Precision Drilling entered into an agreement on July 18, 2008 to acquire six service rigs and related equipment from Rick's Well Servicing. RWS is a privately owned company based in Virden, Manitoba.

Grey Wolf Stays Strong in Pending Merger with Basic
Friday, June 27, 2008Grey Wolf has determined that the proposal to acquire Grey Wolf by the Precision Drilling Trust is not a proposal superior to its pending strategic merger with Basic Energy Services, Inc.

Precision Drilling Appoints Kevin Neveu as CEO
Wednesday, August 15, 2007ision Drilling has appointed Kevin A. Neveu as Chief Executive Officer and Director of Precision.

Precision Drilling Reports 2007 Second Quarter Earnings
Friday, July 27, 2007Precision Drilling reported net earnings for the second quarter of 2007 were $26 million, representing a decrease of 71% compared to $88 million, in the second quarter of 2006.

New Board Member for Precision Drilling Corporation
Monday, December 05, 2005Precision Drilling Trust reports the appointment of Mr. Brian A. Felesky, Q.C. to the Board of Directors of Precision Drilling Corporation, Administrator to the Trust, effective immediately.

Precision Drilling Corporation Completes Trust Conversion
Monday, November 07, 2005Precision Drilling Precision Drilling Trust jointly have successful completion of the reorganization of Precision into the Trust by way of Plan of Arrangement.

Precision Drilling Appoints Executive Officers
Thursday, October 27, 2005Gene Stahl will be appointed to the position of COO and President of Precision, Doug Strong will be appointed to the position of CFO of Precision and Darren Ruhr will be appointed Vice President Corporate Services and Corporate Secretary.

Precision Drilling to Reorganize into an Income Trust
Wednesday, September 07, 2005The Board of Directors of Precision has unanimously approved the reorganization of Precision's existing operations and holdings into an income trust by way of plan of arrangement.

Weatherford Closes Acquisition of Precision Drilling's Energy Services Div
Thursday, September 01, 2005Weatherford International reports that the company has completed its acquisition of Precision Drilling Corporation's Energy Services Division and International Contract Drilling Division.

Precision Drilling Corporation Announces Stock Split
Friday, March 11, 2005Precision Drilling's board of directors has approved a stock split of its Common Shares on a two for one basis.

Precision Drilling's 3Q04 Earnings to be Less Than Expected
Wednesday, October 13, 2004Precision Drilling expects diluted earnings per share from continuing operations for the third quarter of 2004 to be in the range of from $0.65 to $0.70 per share. This is less than the current consensus estimate of approximately $0.74 per share.

Precision Drilling Closes Share Issue
Monday, July 26, 2004Precision Drilling has closed its previously announced equity offering of 4,000,000 common shares at a price of US$49.80 per Share, (C$65.25 per Share), for gross proceeds of approximately US$200 million.

Precision Drilling Announces Share Offering
Tuesday, July 20, 2004Precision Drilling intends to issue approximately US$200 million of Common Shares.

Precision Drilling Completes Acquisition of Reeves
Friday, May 21, 2004Precision Drilling's subsidiary, Precision Holdings (UK) Limited, has acquired 99.7% of the issued and outstanding shares of UK based Reeves Oilfield Services Limited.

3i Sells Stake in Reeves Oilfield to Precision Drilling
Monday, May 10, 20043i has agreed to sell its investment in Reeves Oilfield Services Limited, to a wholly owned subsidiary of Precision Drilling Corporation.

GlobalSantaFe Sells Land Drilling Unit to Precision Drilling
Friday, April 02, 2004GlobalSantaFe and Precision Drilling have executed a definitive agreement for Precision to buy all GlobalSantaFe's worldwide land drilling assets for US$316.5 million in an all cash transaction.

Precision Drilling Introduces the Super Single Light Rig
Tuesday, March 30, 2004Precision Drilling introduces the next generation of shallow drilling rigs that are a safe and cost effective alternative to coiled tubing drilling, ideal for the shallow gas market.

Precision Sets High-Temp Standards for MWD, LWD Operations
Friday, January 30, 2004Precision Drilling has successfully operated its MWD and LWD tools in record high-temperature wellbore conditions in South Texas.

Precision Completes Field Trials of Rotary Steerable System
Wednesday, September 17, 2003Precision Drilling has successfully completed field trials of the Revolution rotary steerable system and is now running the service commercially.

Welltec Files Suit Related to Well Tractor System Technology
Thursday, July 31, 2003Welltec has file suit against Precision Drilling Corp. and Computalog USA Inc. for infringement on Welltec's proprietary Well Tractor Systems.

Precision Drilling to Build Platform Rig Offshore India
Thursday, July 17, 2003Precision Drilling Corporation has been awarded a contract to fabricate, mobilize and operate a new-build platform drilling rig offshore India.

Precision Drilling Wins Contract Extension from PEMEX
Monday, July 07, 2003Precision Drilling has been awarded an extension of its multi-well integrated services contract by Pemex for work in the Burgos basin in northern Mexico.