Precision Drilling Corporation is a Canadian oilfield services company that provides onshore drilling and complementary services to exploration and production (E&P) firms. Headquartered in Calgary, Alberta, it holds listings on both the Toronto Stock Exchange and the New York Stock Exchange. Originally founded in 1951, the company has expanded from a modest rig operator in Western Canada to a major drilling contractor across North America and in selected international markets.
In its core business, Precision supplies contract drilling services—deploying land rigs, crews, directional drilling and measurement-while-drilling (MWD) systems, and supporting equipment. Over time, it has broadened its operational scope to include well servicing / workover, equipment rentals, camps & catering services, and other support services needed in exploration and production operations. Its service portfolio also covers completions, abandonment, and re-entry tasks for upstream producers.
Precision’s performance pivots on rig utilization (the fraction of rigs under contract), day rates, maintenance and downtime management, and geographic deployment strategy. Because drilling rigs and related gear carry significant fixed and upkeep costs, minimizing nonproductive time (rig moves, maintenance, idle periods) is critical. Precision invests in technology tools—such as its “Alpha” analytics suite—to improve efficiencies, predictive maintenance, and drilling performance. It also markets advanced rigs (e.g., “Super-Spec” classifications) and seeks to match rig complexity to well demands.
Strategically, Precision has grown via acquisitions and diversification. For example, it acquired High Arctic Energy Services’ well servicing and rental divisions in 2022 to boost its service footprint. It also balances its North American presence with select international operations (e.g. in the Middle East, Iraq Kurdistan, and other regions) to provide geographic flexibility.