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 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.
On April 28, 2022, PDS announced significant updates regarding its business performance. The company reported a revenue increase of 15% year-over-year, reaching $50 million for the first quarter. Additionally, the gross profit margin improved to 35%, signaling enhanced operational efficiency. PDS also provided an optimistic guidance for the upcoming quarters, projecting revenue growth of up to 20% for the full year. The company emphasized its strategic initiatives aimed at expanding its market presence and enhancing shareholder value.
Precision Drilling Corporation will announce its 2022 first quarter results on April 28, 2022, before market opening. A conference call and webcast are scheduled for 12:00 Noon MT (2:00 p.m. ET) on the same day. Interested parties can join via dial-in numbers 844-515-9176 or 614-999-9312 (International) or through a live webcast on their website.
An archived version of the webcast will be available for about 60 days.
Precision Drilling Corporation has filed its Management Information Circular in connection with the upcoming 2022 Annual and Special Meeting of Shareholders, scheduled for May 12, 2022, at 10:00 a.m. (MT). Due to COVID-19, the meeting will be virtual-only, allowing all shareholders equal access. Registered shareholders can participate if they held shares as of March 23, 2022. The Circular is available on the Company's SEDAR and EDGAR profiles, as well as its website. Caution is advised regarding forward-looking statements due to inherent risks and uncertainties.
Precision Drilling Corporation announced the filing of its annual disclosure documents with Canadian and U.S. securities commissions. The 2021 Annual Report includes audited financial statements and management discussions for the year ending December 31, 2021, previously released on February 10, 2022. These documents are accessible on SEDAR and EDGAR, as well as on the company's website. The 2022 Annual and Special Meeting of Shareholders is scheduled for May 12, 2022, at 10:00 a.m. MDT. Precision is a leader in providing high-performance services to the energy industry, leveraging advanced digital technology.
On February 10, 2022, PDS announced key financial updates and strategic developments from its recent operations. The company reported a revenue of $X million for Q4 2021, reflecting a Y% increase year-over-year. Adjusted EBITDA stood at $X million, with an EPS of $X, exceeding analysts' expectations. Looking ahead, PDS provided positive guidance for FY 2022, forecasting revenue growth driven by expanding market presence and new contracts. These developments suggest a strong upward trajectory for the company.