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Precision Drilling Corporation (PDS) is Canada's largest oilfield services company and one of the leading firms in the United States. The company is also expanding its global footprint with operations in Mexico, Saudi Arabia, Iraq, Kuwait, and the United Arab Emirates. Founded in the early 1950s as a private drilling contractor, Precision has grown into a major provider of contract drilling, well servicing, and strategic support services.
Core Business: Precision specializes in offering contract drilling services, including the procurement and distribution of oilfield supplies, and the manufacture, sale, and repair of drilling equipment. The company’s versatile fleet of high-performance land rigs can handle a wide range of drilling projects, from shallow to extremely deep or extended-reach wells, both in North America and internationally.
Completion and Production Services: Beyond drilling, Precision Drilling also excels in offering completion and production services. These include service rigs, oilfield equipment rental, and camp and catering services, which provide comprehensive solutions to oil and gas exploration and production companies.
Recent Achievements: In 2023, Precision Drilling achieved a significant milestone by reducing its total debt by $152 million, meeting its debt reduction goal. The financial stability of the company was further reinforced by its year-end liquidity update, making it well-positioned for future growth and operational expansion.
Current Projects: The company is actively engaged in various international projects, leveraging its on-the-ground expertise, cutting-edge equipment, and deep industry knowledge to deliver value to customers daily. Precision’s commitment to operational excellence and customer satisfaction continues to drive its success.
With a strong financial position, a versatile and modern fleet, and an expanding international presence, Precision Drilling Corporation remains a key player in the oilfield services industry, committed to delivering top-tier services and innovative solutions to its clients.
Precision Drilling announced the results of its 2024 Annual and Special Meeting of Shareholders held on May 16, 2024. Shareholders approved all eight nominee directors, with seven being independent. Notable approvals include Kevin A. Neveu with 99.04% and William T. Donovan with 98.58% votes in favor. Additionally, Alice L. Wong, with over 35 years of experience in the nuclear fuel industry, was welcomed to the Board. All other agenda items, including the non-binding advisory vote on executive compensation, passed. Michael R. Culbert retired after serving since 2017.
Precision Drilling (Precision) is holding its 2024 Annual and Special Meeting of Shareholders in a virtual-only format on May 16, 2024, at 10:00 a.m. MST. Shareholders can participate online, ask questions, and vote in real-time. The meeting details and voting instructions are available on Precision's website.
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