Precision Drilling Company History Timeline
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.
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.
Swartout led the company through extensive growth until his retirement in 2007.
The acquisition led to financial difficulties which led to a $330M CAD investment by the Alberta Investment Management Corporation (AIMCo) in 2009, characterized by Maclean's as a bailout.
Precision converted from an income trust back to a corporation in 2010.
AIMCo divested its stake in 2013.
of fleet High Performance Tier 1 Rigs as of Q2, 2016
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.
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| Company Name | Founded Date | Revenue | Employee Size | Job Openings |
|---|---|---|---|---|
| Trican Well Service | 1996 | $110.0M | 2,794 | - |
| DCP Midstream | 2005 | $9.8B | 2,650 | - |
| Kinder Morgan | 1997 | $19.2B | 11,012 | 564 |
| Devon Energy | 1971 | $19.2B | 1,400 | 20 |
| Patterson-UTI Energy | 1978 | $2.6B | 5,800 | 39 |
| Latshawdrilling | 1981 | $450.0M | 1,100 | - |
| Helmerich & Payne | 1920 | $2.1B | 9,777 | 25 |
| Nabors Drilling USA, LP | 1992 | $15.0M | 15,000 | - |
| Cactus Drilling Co | 2002 | $120.0M | 65 | - |
| Falcon Drilling | 2001 | $57.6M | 100 | - |
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Precision Drilling may also be known as or be related to Precision Drilling and Precision Drilling, Inc.