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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How Old Is Precision Drilling?

Precision Drilling is 72 years old.

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Precision Drilling may also be known as or be related to Precision Drilling and Precision Drilling, Inc.