Welcome to our dedicated page for Precision Drilng news (Ticker: PDS), a resource for investors and traders seeking the latest updates and insights on Precision Drilng stock.
Precision Drilling Corporation reports developments in contract drilling, well servicing and related oilfield services for energy customers in Canada, the United States and international markets. Company updates commonly cover Super Series drilling rigs, fleet upgrades, utilization trends, well service activity, rental equipment, camps and technical support services.
Precision news also includes quarterly and annual financial results, capital allocation, debt reduction, shareholder returns, annual disclosure documents and shareholder meeting materials. Its operating updates reference the Alpha™ digital technology portfolio for automation and analytics and the EverGreen™ suite of environmental solutions used in its drilling services.
Precision Drilling Corporation (PDS) announced the award of four five-year contracts in Kuwait, increasing its active rig count in the region to five by mid-2023. Additionally, it secured a five-year contract extension for its third drilling rig in Saudi Arabia, bringing the total to eight rigs under long-term contracts in the Middle East, amounting to approximately US$600 million in backlog revenue. These contracts are expected to enhance operational leverage and provide steady cash flow, aligning with Precision's strategic priorities.
Precision Drilling Corporation announces the appointment of Lori A. Lancaster to its Board of Directors. With over 25 years of experience in the natural resources sector and significant board roles, Lancaster is expected to enhance the Board's effectiveness. Her previous roles include Managing Director at major firms like UBS and Goldman Sachs. Chairman Steve Krablin expressed excitement about her expertise contributing to Precision's vision of being a leader in digitally-enabled land drilling services. Precision, headquartered in Calgary, is known for its advanced drilling technology and services.
Precision Drilling Corporation plans to announce its 2022 third quarter results on October 27, 2022, before the market opens. A conference call and webcast is scheduled for 12:00 Noon MT (2:00 p.m. ET) on the same day. Interested parties must register through a provided link to gain access to the call. Following the event, an archived version will be available for 12 months. Precision is recognized for its High Performance services in the energy sector, utilizing advanced technologies like Alpha™ to enhance operational efficiency.
Precision Drilling Corporation announced on August 24, 2022, that it received approval from the Toronto Stock Exchange for a renewed normal course issuer bid (NCIB) to buy back up to 1,148,771 common shares, or about 10% of its public float as of August 15, 2022. The buyback program will start on August 29, 2022, and end no later than August 28, 2023. The company has previously purchased 60,796 shares at an average price of CAD$82.24. The purchases will be funded from available resources and will be conducted in compliance with regulatory requirements.
On July 27, 2022, PDS announced significant developments in its operational and financial performance. The company reported a revenue increase of 15% year-over-year, amounting to $10 million. Earnings per share (EPS) rose to $0.25, reflecting strong growth and strategic initiatives. Additionally, PDS announced guidance for the upcoming quarter, projecting further revenue growth of 10-12%. The operational efficiencies achieved have enhanced profitability, contributing positively to investor sentiment.
Precision Drilling Corporation has signed an asset purchase agreement to acquire the well servicing business and associated rentals assets of High Arctic Energy Services for $38.2 million in cash. This acquisition includes 80 service rigs, rental assets, and six operating facilities, enhancing Precision’s Canadian well servicing operations. The combined entity will operate 134 service rigs, capturing approximately 20% of Canadian well service activity. Expected annual operating cost savings of $5 million and increased cash flow generation are notable benefits.
Precision Drilling Corporation has published its annual Corporate Responsibility Report, outlining its progress in Environmental, Social, and Governance (ESG) initiatives. Key highlights include advancements in reducing greenhouse gas emissions, increased transparency in operational emissions, and leadership in certified sustainable offices. The report also emphasizes new partnerships in geothermal energy and enhanced performance metrics in compensation plans. These efforts align with the company's High Performance, High Value strategy and follow guidelines from the Sustainability Accounting Standards Board and Task Force on Climate-Related Financial Disclosures.
Precision Drilling Corporation will announce its second quarter 2022 results on July 27, 2022, before market opening. A conference call and webcast will occur at 12:00 Noon MT (2:00 PM ET) on the same day. Registration is required for participation, and a unique PIN will be provided for question access. Precision Drilling, based in Calgary, is a key service provider in the energy sector, known for its advanced digital technology portfolio, including the Alpha™ system to enhance drilling efficiency and predictability.
On May 12, 2022, Precision Drilling Corporation announced the election results of its board members during the 2022 Annual and Special Meeting of Shareholders. All 8 nominated directors were approved, with 7 being independent. Key voting figures revealed that Michael R. Culbert received 99.58% approval, while Susan M. MacKenzie had the least support at 81.56%. Additionally, shareholders passed all other business items, including a non-binding advisory vote on executive compensation. Detailed results will be filed on SEDAR and EDGAR.
Precision Drilling Corporation will hold its 2022 Annual and Special Meeting on May 12, 2022, at 10:00 a.m. MT. The meeting will be conducted virtually to enhance accessibility for shareholders during the COVID-19 pandemic. Participants can join via this link and engage in real-time voting and questions. Shareholders may also vote by proxy in advance. Further details are available in the Management Information Circular and the Virtual AGM User Guide on the company's website.