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.
|Company Name||Founded Date||Revenue||Employee Size||Job Openings|
|Trican Well Service||1996||$110.0M||2,794||-|
|Helmerich & Payne||1920||$2.1B||9,777||25|
|Nabors Drilling USA, LP||1992||$15.0M||15,000||-|
|Cactus Drilling Co||2002||$120.0M||65||-|
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Precision Drilling may also be known as or be related to Precision Drilling and Precision Drilling, Inc.