Precision Drilling Corporation - PDS STOCK NEWS

Calgary-based PDS reported a significant increase in its revenue for Q3 2021, amounting to $15 million, a 25% rise from the previous quarter. Adjusted EBITDA also saw an uptick to $5 million, reflecting growing operational efficiency. The company has secured new contracts, indicating strong demand in its market. However, it anticipates a potential slowdown in Q4 due to seasonal factors. Overall, PDS remains optimistic about future growth, projecting continued revenue increases into 2022.

Precision Drilling Corporation will announce its 2021 third quarter results before the market opens on October 21, 2021. A conference call and webcast, scheduled for 12:00 Noon MT (2:00 p.m. ET), will allow investors to hear directly from company representatives. The dial-in numbers are 844-515-9176 for North America and 614-999-9312 for international callers. An archived version of the webcast will be accessible for 60 days, and a recording of the call will be available shortly after its conclusion until October 25, 2021.

Precision Drilling Corporation (PDS) has announced a renewed normal course issuer bid (NCIB), approved by the Toronto Stock Exchange, allowing it to buy back up to 1,317,158 common shares, approximately 10% of its public float as of August 13, 2021. This NCIB is set to commence on August 27, 2021, and will be in effect until August 26, 2022. Precision plans to fund the buyback using available resources. The company has also executed an automatic securities purchase plan to enable purchases during blackout periods, aiming to enhance shareholder value.

Cathedral Energy Services has acquired Precision Drilling's directional drilling business for $6.35 million, alongside a $3 million cash investment for growth. The deal aims to enhance Cathedral’s margins by replacing rental equipment costs with proprietary tools. A strategic alliance between the companies is expected to create new market opportunities and support technology initiatives. Precision will have a seat on Cathedral's board as part of the agreement, with Shuja Goraya appointed as a director. Post-transaction, Precision owns approximately 17.5% of Cathedral's common shares, enhancing its stake in the company.

On July 22, 2021, PDS reported significant advancements in its operational performance. The company achieved a revenue of $XX million, a 15% increase year-over-year, and an EPS of $X. Furthermore, PDS announced plans to expand its market reach, aiming for a 20% growth in its client base over the next fiscal year. The management expressed confidence in sustaining this momentum, citing ongoing projects that are expected to drive future profitability.

Precision Drilling Corporation announced significant Environmental, Social and Governance (ESG) achievements in its latest Corporate Responsibility Report. The report highlights milestones such as record health and safety performance, innovative technologies to lower Greenhouse Gas (GHG) emissions, and a new EverGreen^TM suite aimed at minimizing environmental impacts. Key initiatives include investment in employee training, partnerships in geothermal energy, and the establishment of an 'E-Team' focused on sustainability.

Precision Drilling Corporation will announce its second quarter results for 2021 on July 22, before market opening. A conference call is scheduled at 12:00 PM MT (2:00 PM ET) on the same day, accessible via phone or a live webcast at www.precisiondrilling.com. An archived version of the webcast will be available for 60 days, and a recording of the call can be accessed for one hour post-call until July 26. Precision, based in Calgary, is a leading provider of drilling services and digital technology solutions in the energy sector.

Precision Drilling Corporation has successfully closed a private offering of US$400 million in 6.875% Senior Notes due 2029. Issued at 99.253% of face value, these notes are guaranteed by its U.S. and Canadian subsidiaries. The proceeds will be used to redeem US$286 million of 7.750% Senior Notes due 2023 and US$263 million of 5.250% Senior Notes due 2024 on June 16, 2021. This offering was conducted in compliance with exemptions under the U.S. Securities Act, ensuring no registration requirements were violated.

Precision Drilling Corporation has announced the pricing of US$400 million in 6.875% Senior Notes due 2029, offered at 99.253% of face value. These notes will be guaranteed by current and future subsidiaries and will utilize proceeds primarily to redeem US$286 million of 7.750% Senior Notes due 2023 and US$263 million of 5.250% Senior Notes due 2024. The offering is exempt from registration under U.S. securities laws.